WK Accounting & Tax Services Inc. is formed by Canadian Accountant and is proud to assist Canadian in general. My company is serving Peel and Halton Region (Milton) in particular with their Personal Tax Return, Business Taxation, Bookkeeping / Accounting needs, HST filling, Registration of Corporation, Insurance and Financial planning etc
Why RRSP’s & TFSA’s?
With all the savings vehicles available today, why should you consider opening a Registered Retirement Savings Plan (RRSP) or Tax Free Savings Account (TFSA)? It’s simple! It’s all about harnessing the power of investments and tax‐sheltered earnings.
Start When You Can
Preparing for the future doesn’t have to break your budget. Even if you can only save a little each month, it all adds up over time! The point is, the sooner you start saving – any amount – the higher your potential return.
Which Account is Right for You?
Your dreams are important to you. Opening the right kind of tax-sheltered investment account could be the key to helping you reach your goals.
KEY TFSA CONSIDERATIONS
- Emergency funds
- Short, mid & long-term time horizon
- Lower income investors
- RRSP maximizers
- Seniors
- Pay with after-tax dollars – may be better if your tax rate is higher at withdrawal.
KEY RRSP CONSIDERATIONS
- Retirement savings
- Long-term time horizon
- Tax deduction
- Pay with pre-tax dollars – may be better if your tax rate is lower in retirement.
REGISTERED EDUCATION SAVINGS PLAN
Designed to help Canadians save with tax-free growth for their child’s post-secondary education with money from the Government of Canada.
Choosing the right RESP. Primerica offers mutual fund RESP’s:
- Family Plans
- Individual Plans
Tuition costs in Canada have gone up 28 years in a row, with the average price of an undergraduate degree now at $6,500 a year.
Secure the future:
Fund your child’s education with money from the Government
Tap into these Government Incentives:
1. Basic Canada Education Savings Grant
- Basic CESG of 20% on every dollar of the first $2,500/year.
- Potential maximum lifetime grant is $7,200.
2. Additional Canada Education Savings Grant
- Additional CESG of 10% or 20% may be available on every dollar of the first $500/year.
3. Canada Learning Bond
- An additional $500, plus an extra $100 per year until the age of 15 may be available to a maximum of $2,000. The new Canada Child Benefit program can also provide an additional source of funding.
4. Provincial Government Incentives
- Selected provinces are providing money to give your child’s RESP’s savings an extra boost. This includes the British Columbia Training & Education Savings Grant and The Quebec Education Savings incentive.
Registered Education Saving Plans (RESPs) are not created equal.
A post high school education is one of the greatest gifts you can give your children but soaring tuition can make it seem out of reach, RESPs are a great way to save money now to help pay for college and university education later.
Primerica offer flexible individual and Family plan RESPs that lets you invest in the markets and enjoy tax advantaged savings on the money you earn – a considerable advantage in the battle against rising tuition. Some other institutions offer a very restrictive type of RESP plan known as a group plan or scholarship plan.
RESPs are essential for helping loved ones achieve their dreams, but life may not always be a straight path and unexpected events such as illness or job less may require access to contributions at any time.