RESPs were created to encourage Canadians to save for their children’s post-secondary education. The encouragement comes in the form of the Canada Education Savings Grant (CESG) paid into the plan by the government. With proper planning, the CESG can total $7,200 per child over the lifetime of an RESP. RESP Basics RESPs are similar to…
Starting in 2009, the Canadian government introduced a new type of registered account called the Tax-Free Savings Account (TFSA). Every Canadian 18 and over can invest $5,000 per year in this new registered account. You do not need to have “earned income” to build up room as you do with an RRSP. Amounts contributed to…
Have you ever had the displeasure of filing your personal income tax early, say in March and then look in the mailbox a week or so later and find you have got more T-Slips? When you sheepishly give these to your accountant, they dutifully file a form called a T1- Adjustment. This generally costs you…