Posted in RRSP
RESP Secrets Everyone Should Know
Posted by Frank Gasper
on 11 May 2021
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The Registered Education Savings Plan or RESP is a tax-deferred education investment account created by the federal government to encourage people to save for a child's education. As of 2021, it is estimated that it will cost $100,000 for a student enrolled in a 4-year program, living away from home. Gulp.
As with any plan, there are rules for how the RESP can be used. Get familiar with them so that you can make them work for your specific situation. Seeking the advice of a financial ...
An Estate Plan for Every Age
Posted by Frank Gasper
on 20 April 2021
)
If you have been reading our blog posts this month, you will know two important things about an estate plan: 1. You are not too young for an estate plan and 2. You can afford to have an estate plan.
You will also know that there are the 5 things every estate plan should include no matter your age or amount of assets:
Last will and testament
Power of Attorney for Property
Power of Attorney for Personal Care
Named beneficiaries on investments.
Financial review
E...
5 Things Your Estate Plan Should Include
Posted by Frank Gasper
on 13 April 2021
)
Wondering what an estate plan should include? Here's a checklist of items you should have in your estate plan and things you need to do.
If you have not read our blog post yet, Do I Need an Estate Plan? I encourage you to do so. It is a short read but paints a really good picture of who needs an estate plan and most importantly, why. You will find out that you're not too young to have an estate plan, it does not need to be expensive and there are plenty of good reasons you sh...
4 Ways to Save for a Down Payment on a Home
Posted by Frank Gasper
on 9 March 2021
)
If buying a home or condo is on your future wish list, you'll want to start saving as soon as possible. Here are 4 smart ways you can start saving for a down payment and the pros and cons that go along with them.
1. Use the RRSP Home Buyers' Plan for a down payment
The government allows first-time home buyers to use their RRSP savings to purchase a home under the Home Buyers' Plan, tax-free up to $35,000, as long as you pay it back within 15 years. If you are purchasing with...
Smart Ways To Use Your Tax Rebate
Posted by Frank Gasper
on 9 February 2021
)
On average, the tax rebate Canadian's received for 2020 was $1,850. How you use your tax rebate can have a huge impact on your financial future, even though it might not be evident right away. It's important to plan ahead to get the greatest benefit.
What is a Tax Rebate?
A tax rebate is a reimbursement by the government of taxes overpaid by the taxpayer throughout the year. One of the most common reasons for a tax rebate is due to contributions made to an RRSP, which is t...
