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With a tax-free savings account (TFSA), you don’t pay tax on any money earned or withdrawn.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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Jingyu (Rebecca) Li