A Registered Retirement Savings Plan (RRSP) is a personal savings plan registered with the Canadian federal government allowing you to save for the future and retirement on a tax-sheltered basis.
Your designated retirement savings is a portfolio for yourself. It can contain a variety of investments including: RRSP savings deposits and so on.
What makes an RRSP special is that your contributions to it are tax deductible and your portfolio grows tax sheltered. If you are under 72 years of age and earn income, we encourage you to take advantage of the benefits an RRSP can offer.
The Registered Education Savings Plan (RESP) is a tax-sheltered plan that can help you save for a child’s post-secondary education. With the high cost of education, and rising on daily basis many parents, grandparents and other family and friends are recognizing the need to save well before the expenses become a reality.
An RESP combines flexibility, tax-deferred investment growth and direct government assistance to help you reach your education savings goals for your children in a save manner.
Tax Free Savings Account
Nearly 50% of Canadians do not have a Tax Free Savings Account (TFSA). And many of those that do are not making regular contributions. This is a shame. It means that many are missing out on a savings plan that can contribute substantially to building wealth and accumulating a strong cash reserve that’s there when you need it.
Since their inception in 2009 tax free savings accounts have given Canadians an excellent opportunity to earn investment income, on interest, dividends and capital gains, tax free.
Other Mutual Investments
MNA Financial Services also provide our clients the capability to have their money invested in other mutual investments as well. We deal in several other kinds of investments like TFSA’s, GIC, etc. Contact us for further details.