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RRSP is a key element of Investment planning and retirement planning. We Canadians like to have healthy and wealthy retirement. We do quite cross this question “How much money is required to save for retirement to live with same life style or better life style”? RRSP is not only important to save for retirement but also it saves taxes too. Perhaps gives you an opportunity to set up a best suitable plan with your risk tolerance.

RRSP provide below benefits for families and individuals

  •   Tax deferral plan and save immediate Federal tax payable
  •   Lowering your tax brackets
  •   Long term capital growth opportunity
  •   Can withdraw up to $35,000 under a First time home buyer plan
  •   Individual or spouse can upgrades their grade by using Life learning plan (LLP)
  •   Can live same  or better life style at Retirement through RRSP

In short RRSP is better solution for Retirement Planning.


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Registered retirement income fund is Second half of RRSP. Almost all the RRSP converts sooner or no later than December 31st of the year tern 71 years old. Growth under RRIF is tax-free but RRIF payment is taxable. In other word “A registered retirement income fund (RRIF) is an arrangement between you and a carrier (an insurance company, a trust company or a bank) that we register. You transfer property to the carrier from an RRSP, a PRPP, an RPP, an SPP, or from another RRIF, and the carrier makes payments to you”.


You can have more than one RRIF and you can have self-directed RRIFs. The rules that apply to self-directed RRIFs are generally the same as those for RRSPs.

You can contribute to your RRIF by having property transferred directly from:

  • Your PRPP or unmatured RRSP;
  • Your matured RRSP, including a direct transfer of a commutation payment from your RRSP  annuity; or
  • An unmatured RRSP under which your current or former spouse, or common-law partner is the annuitant. For more information concerning this type of transfer

In short RRIF will give you steady income when your income is limited.


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  • A Registered Education Savings Plan, or RESP, is an investment vehicle used by parents to save for their children's post-secondary education in Canada. The principal advantages of RESPs are the access to the Canada Education Savings Grant (CESG) and a source of tax-deferred income.
  • RESP is a tax-sheltered plan that can help you save for a child's post-secondary education. With the high cost of education, many parents, grandparents and other family and friends are recognizing the need to save well before the expenses become a reality.
  • The subscriber (or a person acting for the subscriber) generally makes contributions to the RESP. Subscribers cannot deduct their contributions from their income on their income tax and benefit return.
  • The promoter usually pays the contributions, and the income earned on those contributions, to the beneficiaries. The income earned is paid as educational assistance payments (EAPs)
  • If the contributions are not paid out to the beneficiary, the promoter usually pays them to the subscriber at the end of the contract. Subscribers do not have to include the contributions in their income when they get them back.


Here is an overview of how an RESP generally works.

  •  A subscriber enters into an RESP contract with the promoter and names one or more beneficiaries under the plan.
  • The subscriber makes contributions to the RESP. Government grants (if applicable)  will be paid to the RESP. These grants can be the Canada Education Savings Grant and Canada Learning Bond or any designated provincial education savings program.
  • The promoter of the RESP administers all amounts paid into the RESP. As long as the income stays in the RESP, it is not taxable. The promoter also makes sure payments from the RESP are made according to the terms of the RESP.
  • The promoter can return the subscriber's contributions tax-free.
  • The promoter can make payments to the beneficiary to help finance his or her post-secondary education.
  • The promoter can make accumulated income payments

    Please call me for more information.


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The Tax-Free Savings Account (TFSA) program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.  Administrative or other fees in relation to TFSA and any interest or money borrowed to contribute to a TFSA are not deductible.

TFSA is a one of the account to accomplish a small term goal. Individual can save money under their contribution limit and withdraw tax free for any family or personal circumstances.


  Considered following rules to understand TFSA:

  • You can contribute up to your TFSA contribution room. A tax applies to all contributions  exceeding your TFSA contribution room.
  • Withdrawals will be added to your TFSA contribution room at the beginning of the following year.
  • You can replace the amount of the withdrawal in the same year only if you have available TFSA contribution room.
  • Direct transfers must be completed by your financial institution

    In short TFSA is an essential investment planning vehicle drive through tax free


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An annuity is a contract with a life insurance company. You deposit a lump sum of money, and they agree to pay you a guaranteed income for a set period of time — or for the rest of your life. Annuities are most commonly used to generate retirement income.

Annuity basics:

You can buy an annuity with money from a RRSP, a RRIF or a non-registered account.

The money is returned to you, with interest, in regular payments. You can choose to receive payments for a set number of years or for the rest of your life. You can receive monthly, quarterly, semi-annual or annual payments.

How annuity payments work

Your annuity income is calculated when you buy the annuity. It is affected by a number of factors— the most important are interest rates and how long you're expected to live.

Once you buy an annuity, you can't make any changes to it. Your regular payment amounts are locked in, and you can't change them for any reason

If you're over age 65 and do not have a company pension plan, you may be able to claim the pension income tax credit. This means you won't be taxed on the first $2,000 of annuity income each year.


Type of Annuities:

1.   Term-certain annuity

A term-certain annuity gives you a guaranteed regular income for a set number of years (the term). Term-certain annuities bought with money from an RRSP or RRIF must extend to age 90. If you die before the end of the term, your payments will continue to go to your estate.

2.   Life annuity

A life annuity gives you a guaranteed regular income for life. Payments usually stop when you die, and no money will go to your estate. You may choose to add an option that allows your spouse, beneficiary or estate to continue to receive your payments after your death.

3 Joint and Survivor Annuity

A joint and survivor annuity must have two or more annuitants, and is often purchased by married couples who want to guarantee that a surviving    spouse will receive regular income for life. Annuities are generally used to provide a steady income during retirement.


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Guaranteed Minimum Withdrawal Benefit (GMWB) Products

GMWB products are a type of annuity that provides guaranteed retirement income that can increase with investment gains in your portfolio and with certain bonus features. Speak with us about GMWB.