Registered Education Savings Plan

Registered Education Savings Plan (RESP)

Rising education expenses are getting higher? RESP is a solution to this problem. Registered education saving plan is tax-benefitted to save for your child’s post-secondary education.

Because Education is the best gift to your children.

This Plan (RESP) combines flexibility, tax-deferred investment growth and direct government assistance to help your children to reach their education goals. RSVP can avail you the benefit of receiving grants from the Federal and Provincial Government. One can contribute a lifetime of $50,000 per child with no annual contribution limit. When the beneficiary withdraws money for post-secondary education, only the interest accumulated is taxable as income in the hands of the beneficiary.

  • Eligible for Govt. Grants
  • Choice of Colleges and Universities worldwide.
  • Flexible options for savings with low-risk investments.


How a Registered Education Savings Plan work?

A subscriber/parent/guardian opens RESP account for their children, who are the beneficiaries.

Government grants (if applicable) will be added to the RESP account.

The amount personally contributed to the account will be given as a tax-benefit.

The payment can be availed by the beneficiaries for any tuition for post-secondary education.

If the child does not attend the post-secondary education, the provider can return the contributions made back their original source tax-free.

Please contact for more information.

Registered Retirement Savings Plan

Registered Retirement Savings Plan (RRSP)

A Registered Retirement Savings Plan is a savings plan designed to help you save for retirement. RRSPs help to grow your money while offering tax benefits.  For example, you may get a deduction on your income tax, depending on your income and the amount you contribute. Also you do not have to pay tax on the money you earn as long as it stays in your RRSP.

First Time Home Buyer Plan(HBP) When purchasing or building a home for the first time, HBP allows you to borrow up to $25,000 in a calendar year from your Registered Retirement Savings Plan(RRSPs). You can withdraw a single amount or make a series of withdraw within the same calendar year.

Your RRSP contributions must remain in the RRSP for at least 90 days befor you can withdraw them under the Home Buyer’s Plan, or they may not be deductible for any year. However, some plans, such as locked-in or group RRSP plans do not allow you to withdraw funds from them. Borrowed money must be repaid within 15 years to the RRSP, in equal installments.

Saving Taxes now and Paying later;  You can claim a deduction on your income tax return for RRSP contribution up to your RRSP deduction limit. This limit is typically 18% of your earned income for the previous year (up to a maximum amount that is set by Govt. of Canada.

You can defer this tax liability to the future when it’s possible that your marginal tax rate will be lower in retirement than it was during your contributing years.

Tax Free Savings Account

Term life insurance pays a death benefit if the person insured dies within a specific period of time or before you reach a certain age.
The length of your coverage can be either for:

  • A fixed period of time, such as a term of 10,  20, 30 or 40 years
  • Until you reach a set age, such as 65 years old
Life insurance can be used to meet many potential financial needs. Here are some of the key ones:
  • Income replacement. If your family relies on your income, life insurance proceeds can provide the money your spouse or dependants need should you die unexpectedly.
  • Repayment of debts. This includes a mortgage, ensure your dependants don’t have to sell the house and can maintain their standard of living.
  • Child care and education. This includes daycare and ongoing costs and post secondary school expenses.
  • Funeral expenses and estate fees. Even a modest funeral can cost thousands of dollars, and estate costs – such as probate and executor fees – can add thousands more. Life insurance can provide your dependents or your estate with the cash it needs to settle these expenses – without the sale of key estate assets.
  • Estate planning. Life insurance is often used to meet longer-term estate planning needs, such as covering capital gains taxes due at death or providing a guaranteed pool of money for a beneficiary, such as a disabled dependant.

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