Charlotte Graham and Associates

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Charlotte Graham and Associates

Charlotte Graham and AssociatesCharlotte Graham and AssociatesCharlotte Graham and Associates
  • Home
  • Mortgages
  • Living Benefits
  • Investing
  • About Charlotte

About Us

RRSP

RRSP

RRSP

A Registered Retirement Savings Plan (RRSP) is a popular savings tool in, designed to help individuals save for retirement. Key features include:

  1. Tax-Deferred Growth: Contributions to an RRSP are tax-deductible, meaning you can reduce your taxable income for the year you contribute. Your investments also grow tax-free until you withdraw th

A Registered Retirement Savings Plan (RRSP) is a popular savings tool in, designed to help individuals save for retirement. Key features include:

  1. Tax-Deferred Growth: Contributions to an RRSP are tax-deductible, meaning you can reduce your taxable income for the year you contribute. Your investments also grow tax-free until you withdraw them, typically during retirement when your tax rate may be lower.
     
  2. Contribution Limits: You can contribute up to 18% of your earned income (up to a maximum limit, which adjusts annually), and any unused contribution room can be carried forward to future years.
     
  3. Wide Investment Options: RRSPs allow you to invest in various assets, such as stocks, bonds, mutual funds, and GICs, giving you flexibility in how you grow your retirement savings.
     
  4. Taxable Withdrawals: When you withdraw funds from your RRSP, they are taxed as income, but the idea is that you’ll be in a lower tax bracket during retirement.
     
  5. Home Buyers’ Plan (HBP) and Lifelong Learning Plan (LLP): You can withdraw funds from your RRSP tax-free for specific purposes, such as buying your first home or funding education, as long as you repay the amounts within a set time frame.
     

RRSPs are a powerful way to save for retirement while reducing your current tax burden.

TFSA

RRSP

RRSP

A Tax-Free Savings Account (TFSA) is a flexible and tax-advantaged savings tool in Canada. Here are its key features:

  1. Tax-Free Growth: Contributions to a TFSA are not tax-deductible, but any investment growth (interest, dividends, or capital gains) is completely tax-free, even when withdrawn.
     
  2. Contribution Limits: There is an annual contri

A Tax-Free Savings Account (TFSA) is a flexible and tax-advantaged savings tool in Canada. Here are its key features:

  1. Tax-Free Growth: Contributions to a TFSA are not tax-deductible, but any investment growth (interest, dividends, or capital gains) is completely tax-free, even when withdrawn.
     
  2. Contribution Limits: There is an annual contribution limit, and unused contribution room can be carried forward to future years. The contribution limit changes yearly, and any withdrawals made from your TFSA are added back to your contribution room in the following year.
     
  3. Flexible Withdrawals: You can withdraw funds from your TFSA at any time, and the withdrawals are not taxed. Plus, the amount you withdraw gets added back to your contribution room in the following year.
     
  4. Wide Investment Options: TFSAs offer a broad range of investment options, including stocks, bonds, GICs, and mutual funds, allowing for a personalized investment strategy.
     
  5. No Impact on Government Benefits: Withdrawals from a TFSA don’t affect eligibility for government benefits like Old Age Security (OAS) or the Guaranteed Income Supplement (GIS), making it an ideal tool for saving without impacting other income-based programs.
     

A TFSA is a great way to save for both short-term and long-term goals while enjoying tax-free growth and easy access to your funds.

RESP

RRSP

RESP

A Registered Education Savings Plan (RESP) is a savings account designed to help families save for a child's post-secondary education. Here are its key features:

  1. Tax-Deferred Growth: Contributions to an RESP are not tax-deductible, but any investment growth (interest, dividends, or capital gains) grows tax-deferred until the funds are with

A Registered Education Savings Plan (RESP) is a savings account designed to help families save for a child's post-secondary education. Here are its key features:

  1. Tax-Deferred Growth: Contributions to an RESP are not tax-deductible, but any investment growth (interest, dividends, or capital gains) grows tax-deferred until the funds are withdrawn.
     
  2. Government Grants: The Canadian government offers the Canada Education Savings Grant (CESG), which matches contributions made to the RESP, up to a certain limit. This can significantly boost savings. There are also additional grants available for low- and middle-income families.
     
  3. Contribution Limits: There’s a lifetime contribution limit of $50,000 per beneficiary. While there is no annual limit, contributions beyond the lifetime limit are not eligible for grants.
     
  4. Withdrawals for Education: When the funds are used for eligible post-secondary expenses (tuition, books, etc.), the earnings and grants are taxed in the hands of the student, who usually pays little to no tax due to their lower income.
     
  5. Flexible Use: RESP funds can be used for a variety of post-secondary education programs, including university, college, trade schools, and even some programs outside of Canada.
     
  6. Carry Forward of Grant Room: If you don’t maximize the annual CESG contributions, you can carry forward unused grant room to future years, allowing you to catch up on contributions.
     

RESPs are a great way to save for a child’s education, with the added benefit of government grants to help grow the savings faster.

RDSP

Guaranteed Investment Certificate

RESP

A Registered Disability Savings Plan (RDSP) is a savings plan designed to help people with disabilities save for the future. Here are the key features:

  1. Tax-Deferred Growth: Contributions to an RDSP are not tax-deductible, but any investment growth is tax-deferred, meaning you don’t pay taxes on the earnings until you withdraw them.
     
  2. Govern

A Registered Disability Savings Plan (RDSP) is a savings plan designed to help people with disabilities save for the future. Here are the key features:

  1. Tax-Deferred Growth: Contributions to an RDSP are not tax-deductible, but any investment growth is tax-deferred, meaning you don’t pay taxes on the earnings until you withdraw them.
     
  2. Government Grants and Bonds: The Canadian government offers matching grants and bonds to help grow your RDSP. The Canada Disability Savings Grant (CDSG) matches contributions based on your family income, while the Canada Disability Savings Bond (CDSB) provides contributions for low-income families, regardless of contributions.
     
  3. Contribution Limits: There is a lifetime contribution limit of $200,000 per beneficiary. Contributions can be made up until the beneficiary turns 59, but no contributions can be made after that age.
     
  4. Taxable Withdrawals: When funds are withdrawn from an RDSP, they are taxed as income, but the withdrawal is generally taxed at the beneficiary’s lower tax rate.
     
  5. Flexibility in Use: RDSP funds can be used for a wide range of purposes, including health care, education, or other expenses that improve the quality of life for individuals with disabilities.
     
  6. Lifetime of Contributions: Contributions can be made over the beneficiary's lifetime, as long as the individual qualifies for the RDSP.
     

An RDSP is an excellent way to save for a person with a disability's long-term future, with added support from government contributions to grow the savings.

HISA

Guaranteed Investment Certificate

Guaranteed Investment Certificate

High-interest savings accounts (HISAs) offer several benefits that make them an attractive option for savers:

  1. Higher Interest Rates: HISAs typically offer much better interest rates compared to regular savings accounts, allowing your money to grow faster over time.
     
  2. Low Risk: These accounts are low-risk since they are usually insured by th

High-interest savings accounts (HISAs) offer several benefits that make them an attractive option for savers:

  1. Higher Interest Rates: HISAs typically offer much better interest rates compared to regular savings accounts, allowing your money to grow faster over time.
     
  2. Low Risk: These accounts are low-risk since they are usually insured by the Canada Deposit Insurance Corporation (CDIC) or the respective provincial deposit insurance, protecting your savings up to a certain limit.
     
  3. Liquidity and Flexibility: Unlike some other investment options, HISAs allow you to withdraw or transfer funds at any time without penalties, making them ideal for short-term savings or emergency funds.
     
  4. No Monthly Fees: Many HISAs come with no monthly maintenance fees, which means you can save more without worrying about losing money to account charges.
     
  5. Easy Access to Funds: You can easily transfer funds between your HISA and other accounts, making it convenient for both everyday and long-term savings needs.
     
  6. Compounding Interest: Most HISAs compound interest daily or monthly, meaning the interest you earn also earns interest, leading to faster growth.
     

Overall, HISAs provide a safe, flexible, and efficient way to save while earning a competitive return on your money.

Guaranteed Investment Certificate

Guaranteed Investment Certificate

Guaranteed Investment Certificate

A Guaranteed Investment Certificate (GIC) offers several benefits for Canadian investors looking for a safe and predictable way to grow their savings:

  1. Safety and Security: GICs are low-risk investments, as they are backed by the issuing financial institution and often insured by the Canada Deposit Insurance Corporation (CDIC) up to certain

A Guaranteed Investment Certificate (GIC) offers several benefits for Canadian investors looking for a safe and predictable way to grow their savings:

  1. Safety and Security: GICs are low-risk investments, as they are backed by the issuing financial institution and often insured by the Canada Deposit Insurance Corporation (CDIC) up to certain limits, ensuring the security of your principal investment.
     
  2. Fixed Returns: GICs offer guaranteed returns over a fixed term, which means you know exactly how much interest you’ll earn at the end of the investment period. This makes them an attractive option for conservative investors.
     
  3. Flexible Terms: GICs are available in various terms, ranging from a few months to several years, allowing you to choose an investment horizon that fits your financial goals.
     
  4. Predictability: With a fixed interest rate and guaranteed returns, GICs provide a predictable and stable way to grow your money, making them ideal for short-term or long-term savings goals.
     
  5. No Fees: Most GICs don’t have management fees or other hidden charges, so the return you’re promised is the return you get.
     
  6. Diversification: GICs can be a good way to balance your investment portfolio, especially if you're looking to reduce overall risk or add a conservative component to a mix of more volatile assets like stocks.
     

Overall, GICs provide peace of mind for investors looking for a safe, low-risk investment with guaranteed returns.

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Copyright © 2024 Charlotte Graham and Associates Inc. - All Rights Reserved.

 © 2024 Charlotte Graham Mortgage Broker. LIC# 12176 Sherwood Mortgage Group 

 © 2024 Charlotte Graham Insurance Agent.  FSRA LIC#14137027 

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