CTV interviews Chris Reynolds (CEO of Investment Planning Counsel) and one of Arnold Machel's clients.
It’s easy to get distracted when saving for a far-off goal like retirement. But an RRSP offers many rewards, so it’s critical to stay focused and make the best use of this unique opportunity each year. Earning a tax deduction is one good reason for contributing to an RRSP each year. But even more compelling is the tax-sheltered growth of your investments over what could be many years. It’s this tax-deferred compounding of earnings that will create the nest egg you need to successfully live your dream.
Did you know the average Canadian university graduate is leaving school with a debt load of almost $27,000? That amount of debt can cause not only financial stress, but it could also delay key milestones for children such as getting married, having children or even buying property. It is easy to see why parents wants to help their children avoid starting their life with loads of debt that could take them years to repay. Regardless of which way you choose to get started on saving for education, the fi rst and most simple rule is to get started as soon as possible, in order to take maximum advantage of the available education grants and bonds as well as the benefits of compound growth. Talk to us about RESPs and other savings programs to help your children be debt-free when they graduate.
Would you say ‘no’ to the ability to let your investments grow tax-free? To be used for just about anything you can imagine saving for? That’s precisely what the Tax-Free Savings Account (TFSA) is designed for. It lets you save or invest money without paying tax on the income it earns. And you can withdraw it anytime. Tax-free. Paying tax is unavoidable so nothing gets Canadians more excited (financially) than the words ‘tax-free’. That’s why over 10 million* Tax-Free Savings Accounts (TFSAs) have been opened since the federal government introduced them in 2009. By showing you how TFSAs can be used effectively as part of your investment strategy, you will say ‘Yes’ to tax-free income.