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.
Secure the future:
Fund your child’s education with money from the Government
Tap into these Government Incentives:
- 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.
- Additional Canada Education Savings Grant
- Additional CESG of 10% or 20% may be available on every dollar of the first $500/year.
- 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.
- 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.