Investment and Retirement Planning
Registered Retirement Saving Plan is a deferred tax vehicle. Contributions are tax-free for that year and upon withdrawal, the amount will be taxed based on your tax rate at that time. Mandatory minimum withdrawal starting at age 72 based on government schedule.
An important option to shelter the growth of your investment from taxes using your Tax Free Saving Account. Maximize contribution of up to $41,000 for year 2015 . You may want to consider re-allocating some of your non registered money to your TFSA. To find out how much you can contribute to your TFSA for 2015, go to www.cra.gc.ca/myaccount.
Savings outside of your TFSA’s and RRSP’s can potentially attract T5 or T3 slips for tax purposes.
An alternative to registered plans is utilizing the benefits of Corporate Class Investments for your non registered savings, so that you can defer taxes on growth until you sell the investment. You can also use Corporate Class as a holding account until your TFSA opens up contribution room the first of January each year.
This link will give you more information on Corporate Class Investments: http://www.ci.com/corporateclass/intro.jsp.
Registered Disability Savings Plan is a savings plan to help families dealing with disabilities to save for the future. You should consider opening a RDSP if you have a long-term disability and are:
eligible for the Disability Tax Credit (disability amount);
under the age of 60 (if you are 59, you must apply before the end of the calendar year in which you turned 59);
a Canadian resident with a Social Insurance Number (SIN); and
looking for a long-term savings plan
Registered Education Saving Plan is an investment vehicle used by parents to save for their children’s post-secondary education. The principal advantages of RESPs are the access to the Canada Education Savings Grant (CESG) and the growth is tax deferred. Even if you do not contribute into the plan, it is still advantageous to set up this plan in case you qualify for the Canada Learning Bond, which is automatically income tested each year.
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