Whether saving for retirement or a child’s post-secondary education, registered accounts are a tax-effective addition to any investment portfolio.
Registered Retirement Savings Plan (RRSP): RRSP contributions, up to an annual maximum amount, are tax deductible, and your investments grow tax-deferred until withdrawal. Registered Retirement Income Fund (RRIF): A RRIF is a tax-effective way to draw income from your RRSP after retirement, while continuing to earn tax-deferred growth on the funds within the account. Tax-Free Savings Account (TFSA): You can contribute up to $5,500 to a TFSA each year and access your savings at any time. Your investments grow tax-free and you won't pay tax on any growth earned in the account, even when you make a withdrawal. Locked-In Retirement Account (LIRA): A LIRA is an RRSP subject to restrictions under federal or provincial pension legislation. You may transfer eligible pension funds to a LIRA, where the funds can grow tax-deferred until withdrawal.
For more information on these accounts, and other registered and non-registered accounts and services available through Canaccord Genuity Wealth Management, please contact us.
Many people may wonder exactly what the term "estate planning" encompasses. Estate planning is the process used to organize your affairs so that your goals are achieved both during your lifetime and after your death.
Historically, estate planning has been thought of only in terms of a plan for the distribution of your assets at the time of your death. However, an estate plan can also be used to address many of the issues that arise during your lifetime.
It's important for everyone to have an estate plan. The depth and complexity of your plan will depend on your particular circumstances and goals. A well thought out financial and estate plan can help you build wealth and protect your assets from excessive taxation and frivolous claims that could erode the cherished gifts you wish to leave behind.
We can work with you and our wealth and estate planning specialists at Canaccord Genuity Wealth & Estate Planning Services Ltd. to create an effective financial and estate plan that considers all facets of your financial circumstances. Contact us for more information.
Kruger Laine Group