Registered retirement savings plans (RRSPs) are still one of the most popular ways to save for your retirement. Contributions are tax-deductible and taxes are deferred until you withdraw your money.
With a tax-free savings account (TFSA), you don’t pay tax on any money earned or withdrawn. You can contribute to a TFSA at any time, and your unused contribution room is carried forward each year. Use these savings for education, a down payment on a home or other large expenses.
Registered education savings plans (RESPs) offer an effective, tax-free way to maximize the money available to your children or grandchildren when they enrol in a full-time post-secondary program. Parents, grandparents, other family members and friends can open an RESP for a child. As the cost of post-secondary education continues to rise, it’s becoming even more important to start saving early for their future education.
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Ka Fai (Patrick) Cheng