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A Registered Retirement Savings Plan or RRSP is a type of investment account us primarily used to for personal retirement savings.
There is a list of criteria and restrictions as mandated by the Canadian Income Tax Act that quality this type of account. There are rules that determine the maximum annual contributions, the timing of the contributions and the claiming of the contribution tax credit, the assets allowed and the eventual conversion to the Registered Retirement Income Fund (RRIF).
Non-registered accounts are taxable investment accounts available to Canadian citizens. As the name suggests, it is not registered with the Canadian federal government. Non-registered accounts are flexible, offer tax advantages, and have no contribution limits.
Effective January 1, 2009, Canadian residents (age 18+) have been able to contribute annually to a Tax Free Savings Account (TFSA).
A TFSA allows you to invest and save up to $6000 a year without paying tax on any earnings that may accrue. The income earned on the amount contributed is tax-free, even when it is withdrawn. A TFSA can be used to enhance your overall financial plan and help you to save for both long and short term goals.
A Registered Education Savings Plan (RESP) is a tax-sheltered plan that helps you to save for a child’s post-secondary education. An RESP combines flexibility, tax deferred investment growth and government assistance to help reach education savings goals.
An RESP can be designed for any beneficiary – this includes children, grandchildren, nieces, nephews or family friends. The subscriber designates the beneficiaries for whom the funds are to be saved for post-secondary education. Beneficiaries must be Canadian residents and have a Social Insurance Number in order to set up the plan.
A Registered Retirement Income Fund (RRIF) is an account registered with the federal government that gives the account holder consistent income in retirement. The corpus collected in the RRSP for retirement can be withdrawn from the RRIF as income.
The RDSP is a registered savings plan open to Canadians eligible for the Disability Tax Credit. Maximum of $200,000 lifetime contribution can be invested in the plan and the contributions are not tax-deductible but tax-deferred until withdrawn.
Here at Cooper we have access to a myriad of ways to help you with your investment, and ultimately, your cash flow and asset objectives. Each solution is custom tailored to your needs, timelines, risk objectives and capacity to understand. From simple interest rate solutions to more complex tax and estate planning, with everything in between, we are here to assist in getting you to where you want to be safely, efficiently and with a great deal of efficacy.
Guaranteed Investment Certificates a kind of investment option that offers guaranteed rate of return over a fixed period of time issued by banks and trust companies.
A savings account is a bank account where you store money and earn interest on the money you deposit. The financial institution pays interest on the funds and uses the money to lend loans to other people.
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