Planning for retirement is important during your working years and a great way to do this is by using a registered retirement savings plan also known as a RRSP. An RRSP in it’s simplest terms is an account to hold savings and investment assets for retirement planning. The main purpose is for consumers to grow savings for their retirement, but it must comply with the Canadian Income Tax Act. Another way to save is by using a tax free savings account also known as a TFSA.
But another aspect of financial planning is making sure your children’s education can be paid for when they reach an age where college and university will be an option for them. A great way to do this is with a registered education savings plan also known as an RESP. This provides parents a savings vehicle that allows you to set aside some money to make sure your children can afford the best education down the road.
Watch this episode with financial planner Jeff Gregory of Desjardins Financial where Jeff will talk about how to use a tax free savings account TFSA, and what is a registered education savings plan RESP
For more information on financial planning, or if you need the help of a top financial planner contact Jeff Gregory
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