Investment Planning
Maximize your financial growth with our investment planning services. W are committed to creating a diversified investment portfolio that aligns with your risk tolerance and financial aspirations. Whether you're a seasoned investor or just starting, we offer the insights and strategies to help your investments flourish.
Tax-Free Savings Account (TFSA)
A TFSA is a flexible savings account that allows Canadians to earn tax-free investment income. Contributions to a TFSA are not tax-deductible, but any income earned within the account, including interest, dividends, and capital gains, is tax-free. TFSAs can be used for a variety of savings goals, including short-term needs, long-term goals, and emergency funds. The flexibility of tax-free withdrawals makes TFSAs an excellent tool for financial planning.
Registered Retirement Savings Plan (RRSP)
An RRSP is a tax-deferred savings plan designed to help Canadians save for retirement. Contributions to an RRSP are tax-deductible, which means you can reduce your taxable income by the amount you contribute. The investments within an RRSP grow tax-free until withdrawal. RRSPs are primarily used for retirement savings, however, they can also be used for the Home Buyers' Plan (HBP), which allows you to withdraw up to $35,000 to buy or build your first home, and the Lifelong Learning Plan (LLP), which allows you to withdraw funds to finance full-time education or training.
Registered Education Savings Plan (RESP)
A RESP is a savings plan intended to help families save for their children's post-secondary education. Contributions are not tax-deductible, but the investment growth is tax-deferred. Additionally, the government provides grants to enhance this savings. Withdrawals are taxed in the student's hands, who typically have lower income and tax rates.
Locked-In Retirement Account (LIRA)
A LIRA is a type of retirement account that holds pension funds transferred from a registered pension plan when you leave a job. The funds in a LIRA are "locked in" and cannot be withdrawn until retirement, except under certain conditions. LIRAs are used to preserve pension funds for retirement. They cannot be withdrawn before a certain age, and the funds must eventually be converted to a retirement income vehicle, such as a Life Income Fund (LIF) or a Locked-In Retirement Income Fund (LRIF).
Registered Retirement Income Fund (RRIF)
A RRIF is a retirement income fund that you convert your RRSP into when you retire. It provides a steady stream of income in retirement, and the funds in the RRIF continue to grow tax-deferred. However, you must withdraw a minimum amount each year, which is taxable. RRIFs are used to provide regular income during retirement. The withdrawals can be tailored to meet your income needs, and the remaining funds continue to be invested for growth.
Life Income Fund (LIF)
A LIF is similar to an RRIF but is used for funds transferred from a LIRA. It provides a way to convert your locked-in pension funds into retirement income. There are minimum and maximum withdrawal limits each year. LIFs are used to provide retirement income from locked-in pension funds. They offer flexibility in managing withdrawals while ensuring the funds last throughout your retirement.
Non-Registered Account
A non-registered account can be used as part of your overall financial plan, with benefits like flexibility and no contribution limits. Typically, you need to be at least 18 to use a non-registered account, but you can use it for your entire life. Your contributions to a non-registered account are not tax-deductible. Investments in a non-registered account can earn interest or dividend income, though this is taxed as it is earned or generate capital gains that are taxed as they are realized, the withdrawals on this account will not be taxed.
As your wealth planner, our goal is to help you maximize the benefits of the investment products that is available for you. We take the time to understand your financial goals and create a personalized strategy that aligns with your needs.
Ready to start your wealth planning journey? Contact use today for a personalized consultation. Together, we'll create a comprehensive financial plan to secure your financial future.
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