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RRSP (Registered Retirement Savings Plan)
What is RRSP?
An RRSP is a registered investment account that lets you save for your retirement by deferring taxes on your investment earnings. This means more of your money can stay invested and grow faster.
An RRSP also helps you lower your tax bill today, by allowing you to deduct RRSP contributions from your taxable income. By the time you retire you will likely be in a lower tax bracket, so withdrawals are taxed at a lower rate than today.
Here’s why nearly half of Canadians polled invest in an RRSP
- Use an RRSP to save for retirement while also saving for anything in a TFSA
- Contributions reduce your annual income, lowering your tax bill
- Taxes on your investment income are only paid when withdrawn
- You can borrow money from your RRSP to go to school or buy your first home without penalty, provided it is repaid within the required time
- You can make up for missed contribution room from previous years
RESP (Registered Education Savings Plan)
RESP is an investment account where the savings for your child’s education grow tax-free. It’s never too early to start saving for your child’s post-secondary education! Opening a Registered Education Savings Plan (RESP) gives you one less thing to worry about for your child’s future.
The dreams of your children receiving a post-secondary education are getting more and more out of reach. Watching your children trying to claw their way out of debt is hard for any parent.
An RESP (Registered Education Saving Plan Alberta) can help reduce that future burden or even get rid of it entirely.
Need to Know about RESP (Registered Education Savings Plan):
» Maximum RESP contribution A lifetime limit of $50,000 per beneficiary can be contributed to an RESP, which can be kept open for up to 36 years.
» RESP tax implications: Interest earned on an RESP is tax-free. When the plan’s beneficiary starts withdrawing the money for school, only the accumulated interest is taxable as income.
» Who contributes to an RESP?
Anyone can contribute to an RESP, not just the parents of the child, so you can open or contribute to the RESP of a grandchild, niece, nephew, godson, goddaughter, neighbor’s kid, etc. You can even open an RESP for yourself.
» Subscriber: The subscriber is the individual who opens an RESP account, entering into a contract with a promoter and naming one or several beneficiaries on whose behalf the contributions are made. For individual plans, there are no restrictions on who can be a subscriber.
» Beneficiary: The beneficiary of an RESP is the person (usually the child of the subscriber, but not necessarily) who will benefit from the contributions made in the RESP.
» Promoter: Is the institution or company that sets up the RESP and pays the contributions as well as the income earned on the contributions to the beneficiaries.
» Educational Assistance Payments (EAP): EAPs are funded beneficiaries can withdraw from an RESP account to pay for their post-secondary education. They include the earnings (interest and other income) accumulated in an RESP as well as government grants but do not include the subscriber’s contributions. When withdrawn, they count as taxable income for the beneficiary.
» Refund of Contributions (ROC): An ROC is a withdrawal of the contributions. Because contributions were made from a subscriber’s after-tax income, a ROC has no additional tax penalty.
» Accumulated Income Payments (AIP): AIPs are withdrawals of the income earned on an RESP available if the beneficiary does not attend post-secondary education. It does not include any government grants, which are returned to the government. AIPs become taxable income once withdrawn. If you have an unused contribution, you can reduce the amount of tax you pay by transferring your AIP directly to your RRSP.
» Canada Education Savings Grant (CESG): The CESG is a federal grant that matches a percentage of the subscriber’s contributions to an RESP up to $7,200.
» British Columbia Training and Education Savings Grant (BCTESG): The BCTESG is a provincial incentive that provides a one-time grant of $1,200 towards an RESP for residents of BC born in 2006 or later. The BCTESG is available on the child’s sixth birthday.
» Canada Learning Bond (CLB): The CLB is a federal government grant to help income-qualified families save for their children’s post-secondary education.
Low-income families may qualify for additional government grants through:
- Additional Canada Education Savings Grant: You qualify for the additional CESG if your household’s net income is less than $95,259 (2019).
- Canada Learning Bond (CLB): $500 CLB is initially paid into the child’s RESP to help them get started, and an additional $100 is added each year (if eligible) until they turn 15 for a lifetime maximum of $2000.
- Provincial Grants: Some provinces also provide grants to encourage eligible residents to save for their children’s education. These include the British Columbia Training and Education Savings Grant, and Saskatchewan Advantage Grant for Education Savings.
TFSA (Tax-Free Savings Account)
What is a TFSA?
A Tax-Free Savings Account (TFSA) is a powerful registered investment account you can use to save for any big-ticket item or goal – tax free. If you like more flexibility and less taxes, consider opening a TFSA.
Here’s why 60% of Canadians invest in TFSA
- Pay no taxes on any investment earnings
- Contribute even if you’re retired or not employed
- Contribute for as long as you want to—there’s no age limit
- Make up for missed contribution room from previous years indefinitely
- Withdraw your money at any time for any reason
- Use a TFSA to save for anything while also saving for retirement in an RRSP
FHSA (First Home Savings Account)
What is an FHSA?
Work towards your goal of buying your first home with a First Home Savings Account (FHSA). The FHSA is a new registered plan that can help you save for your first home tax-free. If you’re at least 18 (and no less than the age of majority in your province), have a Social Insurance Number (SIN) and have not owned a home where you lived this year or at any time in the preceding four calendar years, you may be eligible to open an FHSA.
Reasons to invest in an FHSA
- Use it to save up to $40,000 for your first home
- Contribute tax-free for up to 15 years
- Unused contribution room can be carried over to the next year, up to a maximum of $8,000
- Potentially reduce your tax bill and carry forward undeducted contributions indefinitely
- Pay no taxes on any investment earnings
- Complements the Home Buyers’ Plan (HBP)
