Post Secondary Archives - 3i Financial https://www.3ifinancial.com/page_tag/post-secondary/ Home To Your Insurance and Investment Needs Mon, 07 Feb 2022 16:36:06 +0000 en-CA hourly 1 https://wordpress.org/?v=6.8.3 https://www.3ifinancial.com/wp-content/uploads/2021/06/cropped-Logo_RGB-32x32.png Post Secondary Archives - 3i Financial https://www.3ifinancial.com/page_tag/post-secondary/ 32 32 Business Investments https://www.3ifinancial.com/business-investments/ Fri, 11 Jun 2021 19:13:30 +0000 https://test.3ifinancial.com/?page_id=891 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 […]

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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

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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

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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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]]> RESP https://www.3ifinancial.com/resp/ Wed, 09 Jun 2021 17:47:00 +0000 https://test.3ifinancial.com/?page_id=556 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 […]

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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

**Projection based on a 3% inflation rate per year. Source: Statistics Canada

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.

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

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