RDSP Archives - 3i Financial

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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Segregated Funds

3iwebdev — Thu, 10 Jun 2021 19:20:52 +0000

Segregated Funds

What is Segregated Funds?

A segregated fund is used by insurance companies to manage individual, variable annuity insurance products. Segregated funds are insurance investment products that are similar to mutual funds; however, segregated funds must be issued in conjunction with a life insurance contract. Segregated funds investor may qualify for RESP, TFSA, RDSP and RRSP.

IVIC’s (Individual Variable Insurance Contracts)

IVIC’s are deferred annuity contracts between the policy owner and the insurance company. The policy owner makes deposits and the insurance company then invests the money in segregated funds.

Some Benefits Includes:

Guaranteed maturity values from 75-100% of your principal after 10 years.
Some segregated fund contracts also offer income guarantees.
Segregated funds investment may also be protected from creditors.
Provide a broad range of investment options similar to mutual funds.

Find Out More

Tags: Individual Variable Insurance Contracts, IVIC's

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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

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Tags: Future Goal

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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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RDSP Archives - 3i Financial

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

Segregated Funds

Segregated Funds

What is Segregated Funds?

IVIC’s (Individual Variable Insurance Contracts)

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

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