Education Archives - 3i Financial

Business Investments

3iwebdev — Fri, 11 Jun 2021 19:13:30 +0000

Business Investment

Why Choose Business Investments?

At 3i Financial Investment Services Inc, we work in partnership with businesses by offering our financial expertise to help create and add value to your organization. Our advisors are dedicated and experienced to understand the unique financial needs of your business. Our 3i Business Financial Plan is tailored to take your business further by managing the risks. We can get you professional advice from lawyers, bankers, mortgage brokers, accountants and etc…to make business recommendations specific to your need and assist in the execution of your 3i Business Financial Plan.

Business Investment Programs

Non-Registered Investment Plans

DPSP’s (Deferred Profit Sharing Plans) & Payroll Savings Plans

Contributions are a tax deductible expense and are not a taxable benefit to the plan member. Employers can contribute an amount up to 9% of the employee’s current annual earnings to the maximum contribution limit
Help employees saves for their future.

Individual Corporate Accounts

Helps with everyday banking, savings and investing.
Helps to ensure you file taxes accurately and separately from personal accounts.
Eligible to deduct business expenses from your tax return.

Registered Investment Plans

IPP’s (Individual Pension Plan)

Provides maximum tax-deductible contributions for your retirement and gives you more flexible benefit settlement options. Allows you contribute a higher amount.

DCRPP’s (Defined Contribution Registered Pension Plans)

Provides employees with an income at retirement. Contributions are exempt of payroll taxes for employers.

RESP’s (Registered Education Savings Plan)

An investment vehicle that allows caregivers to save up for their children’s post secondary education.
Pays up to 20% of a child’s annual contribution up to an annual maximum of $500 or a lifetime maximum of $7200 until the beneficiary reaches the age of 17.

RRSP’s (Registered Retirement Savings Plan)

Invest in your future by reducing your taxable income with contributions.
Can access funds in your RRSP to help buy your first home or pursue further education.

DPSP’s (Deferred Profit Sharing Plans)

Allows companies to share profits with employees.
Provides tax incentives and allows vesting periods for vesting period and employers contributions.

Sources: Canada Revenue Agency, Investopedia, Moneysense

Find Out More

Tags: DCRPP's, Deferred Profit Sharing Plans, Defined Contribution Registered Pension Plan, DPSP's, Individual Corperate Accounts, Individual Pension Plan, IPP's, Non Registered Investments Plans, Payroll Savings Plan, Registered Investments Plan, RESP

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RDSP

3iwebdev — Thu, 10 Jun 2021 19:47:23 +0000

RDSP

What is a Registered Disability Savings Plan (RDSP)?

The Registered Disability Savings Plan (RDSP) is a registered savings plan specifically designed for Canadians with disabilities and their families to save for a long-term financial needs.

The plan allows a person who is eligible for the federal disability tax credit to accumulate up to $200,000 in contributions on a tax-deferred basis.

Who is eligible?

To qualify for an RESP, a beneficiary must:

Be eligible for Disability Tax Credit (DTC)
Be a Canadian resident
Have a valid Social Insurance Number (SIN)
Less than 60 years of age

Benefits

As an incentive for parents to contribute to their child’s post-secondary education, the federal government offers two funding mechanisms.

Tax-sheltered earnings

The money you contribute grows tax-free until is taken out.
Get government contributions

The major benefit is that you still qualify for the great government benefits. The federal government matches up to 30% through grants and extra funding for low-income families. There are two funding programs to help you save: Canada Disability Savings Grant (CDSG) and Canada Disability Savings Bond (CDSB).
Easy access when you need it

Withdrawals can be done for any purpose that benefits the person with disability.

Make the most out of your RDSP

Source: Canada Revenue Agency

Contact a 3i Financial Advisor today to see how an RDSP can help you save!

Find Out More

Tags: Tax Sheltered

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RRSP

3iwebdev — Thu, 10 Jun 2021 17:50:38 +0000

RRSP

What is a A Registered Retirement Savings Plan (RRSP)

A Registered Retirement Savings Plan (RRSP) is a personal savings account registered with the Canadian government to help individuals accumulate capital on a tax-deferred basis for their retirement including tax deductions. The objective is to help individuals grow their savings in a tax free environment to secure an income during retirement years.

Who qualifies?

Advantages

There are various types of RRSP including: individual, spousal, group, and pooled RRSP each with its own benefits. Nevertheless, they all share one common advantage, and that is the tax benefits

Tax deductions

Reduce your taxable income with contributions.

Tax deferral

While in RRSP, your investments can grow on this a tax-deferred account

Income Splitting

The higher income-earning spouse can contribute in their spouse's RRSP.

Canadian government programs

Access funds in your RRSP to help buy your first home or pursue further education.

Contribution Limits

There is a contribution limit on RRSPs accounts, also known as a “deduction limit” which is the maximum amount you can contribute in a given year. To find out the exact amount, check on your most recent Notice of Assessment from the CRA.

As a guideline, your allowable RRSP contribution for the current year is the lower of:

18% of your earned income from the previous year
The maximum annual contribution limit for the current tax year
The remaining limit after any company sponsored pension plan contributions

Year	Contribution Limit
2026	$33,810
2025	$32,490
2024	$31,560
2023	$30,780
2022	$29,210

Source: Canada Revenue Agency

Not sure how much to save?

Contact a 3i Financial Advisor today to see how an RRSP can help your retirement planning and reach your retirement goals.

Find Out More

Tags: Old Age, Pension, Tax Advantages

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TFSA

3iwebdev — Thu, 10 Jun 2021 17:22:38 +0000

TFSA

What is a Tax-Free Savings Account (TFSA)?

The Government of Canada introduced the Tax Free Savings Account (TFSA) in 2009 to provide Canadians with a personal savings vehicle, tax free.

Who qualifies?

Canadian residents with a valid Social Insurance Number (SIN) and is 18 years of age or older.

Note: Non-residents may be eligible to open a TFSA account; however, contributions are subject to tax.

Advantages

As an incentive for parents to contribute to their child’s post-secondary education, the federal government offers two funding mechanisms.

Contribution limit

The amount that you can contribute to your TFSA is limited to your contribution room.

The annual TFSA dollar limit for each of the years from 2009 to 2026 are:

Year	Annual Contribution Limit
2024-2026	$7,000
2023	$6,500
2019 to 2022	$6,000
2016 to 2018	$5,500
2015	$10,000
2013 and 2014	$5,500
2009 to 2012	$5,000

Source: Canada Revenue Agency

Contact a 3i Financial Advisor today to develop a plan that ensures you to take advantages of the tax-free savings strategies of a TFSA

Find Out More

Tags: Future Goal

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Executive Team

3iwebdev — Wed, 09 Jun 2021 22:28:58 +0000

Executive Team

Louise Tam, President

President of 3i Financial Group Inc. since November 2004, Louise graduated from the University of Windsor with a Bachelor of Arts degree. She has completed various professional financial industry courses over her 30 years of financial services experience. From 1989 to 1999, she was an Account Manager at the Royal Bank of Canada. In 2000, Louise was appointed Vice President for a Financial Corporation. Throughout her career, she won numerous awards for her outstanding sales and service. In 2001, Louise received the chair of the Association of Chinese Canadian Entrepreneurs Certificate. Louise has experienced working with high net worth clients at Investment Planning Counsel as a Financial Planner. At 3i Financial Group Inc. Louise oversees many projects, assist with daily operations and business management. Louise spends her free time volunteering for many organizations and playing various sports, like golf and badminton.

Bob Lau, President of Investments

President of 3i Financial Investment Services Inc. since 2008, Bob oversees a team of Branch Managers and Financial Advisors. His duties include oversight of daily operations, supervision and business development. Bob has over 20 years of financial experience, he acquired his experience in working with corporations such as Royal Bank of Canada and Canada Life Assurance Company. In addition to the designations of Branch Manager and Certified Financial Planner®, Bob graduated from the University of Toronto with a Bachelor of Arts Degree and continuously attend courses and seminars to keep up to the industry trends. Besides his work life, Bob enjoys playing badminton and fishing.

Kelly Tsang, Vice-President

Since June 2005, Kelly has been the Vice President of Training and in charge of the Training and Development Department. Her role is vital in the setup of all corporate training initiatives. Kelly has managed several projects and remains committed to creating programs that meet the needs of others.Kelly graduated from the University of Western with a Bachelor of Arts degree and received her Master’s of Education from McGill University. Before entering the financial industry, she was involved in multiple programs to help high school students succeed academically as a Program Director. In her spare time, Kelly teaches ESL classes, tutors children and participates in multiple social and community projects.

Tags: Executive Team, Marketing, President, Vice President

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Individual Investment

3iwebdev — Wed, 09 Jun 2021 19:14:49 +0000

Individual Investments

Why Choose Individual Investments?

At 3i Financial Investment Services Inc, we provide a wide range of individual investment services that are tailored to you. Our advisors will guide you with proper investment strategies. We will help you reach your financial short term to long term goals with our 3i Personal Financial Plan.

Investing is an effective way to build your wealth. Investing will benefit you by helping you to save for your children’s education, help with taxes, save money for retirement and setting up charitable donations.

Some of the account types we offer include: Regular RRSP, Spousal RRSP, LIRA, LIF, RRIF, RDSP and RESP’s.

Some of the Individual Investments Programs

RRSP (Registered Retirement Savings Plan)

Lower your taxes by investing in your future. A lower tax bracket when you retire, withdrawals will be at lower rate.

TFSA (Tax-Free Savings account)

Save for a future goal tax free. Offers more flexibility and less taxes.

RESP (Registered
Education Savings Plan)

Help your child with a boost for their post-secondary education. Pays up to 20% of up to $2,500 annually. Contribute to lifetime limit of $50,000.

RDSP (Registered Disability Savings Plan)

Help a love one with disabilities for long term goals. Plan can grow faster as taxes are deferred on investment income and capital gains.

Find Out More

Tags: Registered Education Savings Plan, RESP

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RESP

3iwebdev — Wed, 09 Jun 2021 17:47:00 +0000

RESP

What is a Registered Education Savings Plan (RESP)?

A Registered Education Savings Plan (RESP) allows parents and guardians to accumulate the necessary funds to finance a child’s post-secondary education.

The federal government allows you to accumulate investment income on a tax-sheltered basis until the funds are withdrawn.

Who can open an RESP?

Anyone who has an interest in providing a child with funds for their education!

Parents
Legal Parents
Grandparents
Friends

Who is eligible?

To qualify for an RESP, a beneficiary must:

Be a Canadian resident
Have a valid Social Insurance Number (SIN)

Advantages

As an incentive for parents to contribute to their child’s post-secondary education, the federal government offers two funding mechanisms. Investments grows tax free until a withdrawal is made.

Canada Education Savings Grant

Pays up to 20% of a child’s annual contribution up to an annual maximum of $500 or a lifetime maximum of $7200 until the beneficiary reaches the age of 17
Canada Learning Bond

Pays $500 plus an extra $100 per year up to the age of 15 to beneficiaries who were born after December 31st, 2003.
Additional matching grants for low incomers

Families with net annual incomes of less than $49, 020

The cost of Post-Secondary school

Projections for an average student’s tuition fees and cost of living away from home have been projected to reach $118,010 in 2030. The illustration shows how the cost of living increases over time. Statistics Canada revealed that university tuition fees have risen 135% in the past 10 years

Sources: Canada Revenue Agency, Investopedia, Statistics Canada.

Contact a 3i Financial Group Advisor today to see how an RESP can help you save for your child’s education.

Find Out More

Tags: Education, Future, Post Secondary, Registered Education Savings Plan, RESP, School

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Education Archives - 3i Financial

Business Investments

Business Investment

Why Choose Business Investments?

Business Investment Programs

Non-Registered Investment Plans

Registered Investment Plans

RDSP

RDSP

What is a Registered Disability Savings Plan (RDSP)?

Who is eligible?

Benefits

Tax-sheltered earnings

Get government contributions

Easy access when you need it

Make the most out of your RDSP

RRSP

RRSP

What is a A Registered Retirement Savings Plan (RRSP)

Who qualifies?

Advantages

Tax deductions

Tax deferral

Income Splitting

Canadian government programs

Contribution Limits

TFSA

TFSA

What is a Tax-Free Savings Account (TFSA)?

Who qualifies?

Advantages

Contribution limit

Executive Team

Executive Team

Louise Tam, President

Bob Lau, President of Investments

Kelly Tsang, Vice-President

Individual Investment

Individual Investments

Why Choose Individual Investments?

Some of the Individual Investments Programs

RESP

RESP

What is a Registered Education Savings Plan (RESP)?

Who can open an RESP?

Who is eligible?

Advantages

Canada Education Savings Grant

Canada Learning Bond

Additional matching grants for low incomers

The cost of Post-Secondary school