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Investing

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A Tax Free Savings Account (TFSA) is a registered investment or savings account that allows for tax free gains. The amount of money that can be contributed to a TFSA is limited each year.  Contributions are made with after-tax dollars, which means withdrawals and interest earned is tax free! A TFSA is perfect for any savings goal. 

TFSAs were first introduced by the Canadian government in 2009. They were designed by the Canada Revenue Agency to function as a registered investment account that can hold mutual funds, ETFs, bonds or cash savings, allowing for income-tax free gains. 

TFSA Rules you Need to Know

If you withdraw money from a TFSA, the amount you take out is added to how much you can contribute the following year. TFSA contribution room doesn’t disappear if you fail to contribute in any given year. It just rolls over into the next year so you’ll have an ever-expanding contribution limit. 

Two things you need to know:

  • Don’t over-contribute; if you do you’ll be assessed a 1% penalty on the excess contribution every month until it’s withdrawn.
  • Understand TFSA contribution rules.  If you hope to replace money you withdraw from your TFSA, you’ll have to wait until the year following your withdrawal to earn that contribution room back. 

To find out your available TFSA contribution room:

Visit the CRA online

It's never too early to start saving for your retirement.  An RRSP (Registered Retirement Savings Plan) is a tax-advantaged savings plan, that can help you grow your retirement income.

RRSP contributions are tax deductible, meaning you deduct your contribution from the income you report on your income tax return. .

RRSP Benefits include: 

  • contributions are tax deductible
  • savings grow tax free (tax is deferred until withdrawn)
  • you can convert your RRSP to get regular payments when you retire
  • you can borrow from your RRSP to buy your first home or pay for your education (conditions apply)

At the age of 71, RRSPs convert into a Retirement Income Option.  One of the most popular choices for this is a Registered Retirement Income Fund (RRIF).  Funds remain tax sheltered in a RRIF and you’ll continue to control how they're invested. The only difference is that you can draw from these funds as income to live on.  Withdrawals are considered income, so taxes must be paid on them, but if you are retired, you'll be taxed at a much lower rate.

Registered Education Savings Plans (RESPs) are a great way to build for you child's future.  Let us help you set up a RESP to maximize your savings with government grants.

  • Your investment will grow tax-free until your child begins thier post-secondary education and making withdrawls
  • No minimum contributions
  • Ablity to contribute $50,000 per beneficiary
  • Withdrawals are taxable to the child

All locked-in RSPs originate from Registered Pension Plans (RPP). RPPs are plans where funds are set aside by an employer, an employee, or both to provide a pension when the employee retires.

Under pension laws, after a period of time (usually between two and five years after joining the plan), all money in the plan becomes fully vested in the employee. The employee has an unconditional entitlement to the money as and when any age or service requirements are met. 
If you were a member of a Registered Pension Plan (RPP), your employment was terminated, and your plan was fully vested, the proceeds of that RPP would be considered 'locked-in'. These locked-in funds can only be transferred into certain 'Locked-in Plans' which include the following Locked-in RSPs (LI-RSP) and Locked-in Retirement Account (LIRA).

A term deposit is a simple and secure investment:

  • Guarantees a set return over a fixed period 
  • Offers 30 days - 5 years investment term options
  • Benefits from compound interest
  • 100% guaranteed

See our Current Rates for Investing