Strategic Investments for a Better Tomorrow!
With a prudent investment strategy, you can make your savings grow and make your money work for you. There is a slew of saving plans that can help you plan for retirement as well as save for your children’s university, to save for a holiday or to buy a house. Except for non-registered savings plans, most other savings vehicles help you to grow your assets tax-free.
As a leading investment planner in Ontario, Paul Taneja offers clients a wide array of options that make managing money and growing your savings easy and protect them from market fluctuations.
Here are some of the savings plans I can help you with:
RRSP – Registered Retirement Savings Plan
RRSP helps you to save money for your retirement. If you’re under 71 years old and are employed or have a business income, you’re eligible to invest in RRSP. The annual contribution limit is 18% of your last year income.
An RRSP offers multiple tax advantages as you can grow your money tax-free, as well as deduct all contributions from your taxable income to become eligible for a tax refund.
TFSA - Tax-Free Savings Account
If you are 18 years or older, a TFSA is a unique savings account that allows you to grow your savings on a tax-free basis for a personal project. The TFSA is an incredibly flexible savings vehicle and lets you withdraw funds at any time, without a tax penalty.
NRSP - Non-Registered Savings Plan
An NRSP is like a personal savings account and allows you to save money for a project or to grow your retirement income. Non-Registered Savings Plans are usually used when you have reached your maximum RRSP and TFSA contribution limits. By investing in an NRSP, you get a higher return than on your bank account and have access to different investment funds.
RESP - Registered Education Savings Plan
If you are a parent in Canada and want to save for your children’s post-secondary education, a RESP is the perfect investment vehicle for you. With RESP, you can give your child a head start, as you have access to the Canada Education Savings Grant and can generate tax-deferred income.
What are the benefits of RESP?
- Earnings within RESP are not taxed.
- You can grow your savings faster with the Canada Education Savings Grant (CESG)1, Canada Learning Bond (CLB)2, and other government incentives. You may get $7200 as CESG, $2000 as Canada Learning Bond and as an added attraction an amount of $7500 as Education Bonus.
- If the child doesn’t pursue post-secondary education immediately, you have 35 years to use the funds.
- You can automate your savings and contribute weekly, bi-weekly, monthly with as little as $25 per week.
- Flexible plans means you can change, pause or stop contributions at any time
Corporate Tax Saving Plan
It is essential to structure your business to minimize or defer taxes paid now and in the future. Paul Taneja can help you with valuation and succession planning as well as new incorporation and system selection, considerations for restructuring, business sales, amalgamations or wind-ups, corporate tax minimization strategies, and cash flow management.
To learn more about the best ways to invest, and grow your savings, reach out to Paul Taneja - Ontario’s leading investment planner.