Plan for tomorrow starting today
- Segragated Funds
- RRSPs
- RESPs
- RRIF & annuities
For more Information, contact your advisor
The main things to consider are when and how you want to use the funds. It’s also important to understand a few of the key differences between two options
RRSP
- Your contribution limit is based on a percentage of your annual income, up tp a specified maximum
- Contributions are tax-deductible.
- There is no tax payable on investment growth.
- Withdrawals are subject to income tax.
- Withdrawals may only be re-deposited if you have sufficient additional contribution room (unless funds are borrowed per the terms of the government’s Home Buyer’s Plan or Lifelong Learning Plan).
TFSA
- You may contribute $5,000 for each year from 2009 to 2012, $5,500 for 2013 and 2014, $10,000 for 2015 and 5,500 for 2016 and 2017.
- Contributions are not tax-deductible
- There is no tax payable on investment growth.
- Withdrawals are not subject to income tax
- Any withdrawals may be re-deposited in subsequent calendar years
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