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No matter your goals or your dreams, there’s a registered savings plan to help you achieve them. Registered plans are a great way to save for your goals and offer valuable tax-saving benefits. These plans have been designed by the Government of Canada to help you save for retirement (RRSP), higher education (RESP), retirement income (RRIF), disability (RDSP), or general savings (TFSA).

Depending on where you are in life or which plan you’re interested in or currently contributing to, there are considerations and complexities that can make them a bit overwhelming to understand or optimize to their greatest potential.

Looking back through our Advice Hub – our online library of articles created to help elevate your financial literacy and your understanding of financial matters – we’ve curated a collection of five popular articles surrounding the questions and topics that people like you search for most when it comes to gaining a richer understanding of the nuances of registered savings plans.

We always encourage you to speak with your advisor to get the right answers for your unique circumstances, but we also know it helps to have good information in hand to allow you to ask the right questions. The following articles will help amplify your knowledge of registered savings plans and answer some common questions.

1. How To Make The Right Choices For Your RRSP

The Registered Retirement Savings Plan (RRSP) has been around for decades. Introduced in 1957 when Elvis was jailhouse rocking and Diefenbaker was first elected prime minister, it was designed to help Canadians save for their retirement. Over time, it has become an essential tool for many of us to build and save for the income needed in our golden years.

There’s good reason to like the RRSP: contributions are tax-deductible, they’re easy to set up and automate regular payments into them, and your money can grow and compound tax-sheltered for years. Of course, those are the basics. There’s more to consider and know.

Your income now, what you’ll need in the future, your age, your tolerance for risk, your life’s circumstances – these all factor into how you should approach RRSPs and your overall retirement savings plan. Read up on the variables and options you face with your RRSP and speak to your advisor for specifics on your plan.

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2. How RRSPs And Other Investments Work Better Together

While the RRSP is often held up as the standard for helping Canadians with their retirement savings, it isn’t the only thing you should consider for your retirement toolkit. Diversity is always a strength and that’s especially true when it comes to planning your income in retirement.

There’s a good mix of registered and non-registered investments† that can help you get where you want to be. Read up on some of the alternatives you should consider and set up time with your advisor to make sure you have a solid mix in place for your future.

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 3. A Taxing Decision: RRSP Or TFSA?

First introduced in 2009, the Tax-Free Savings Account (TFSA) was designed to give Canadians a flexible way to save money with the dual benefits of offering tax-sheltered growth and tax-free withdrawals. As a retirement-planning and savings tool, TFSAs can work in tandem with their more mature friend, the RRSP.

For many people, there remains the critical considerations of how much to save, where to save it, and how to structure your plans to have the most impact on reducing taxes. This article explores the comparisons and considerations you’ll need to make the best decision for you. Your advisor can help you with the plan that suits you best.

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 4. Five TFSA Traps To Avoid

The TFSA has become very popular since its debut in 2009 – the Canada Revenue Agency reports nearly 15 million Canadians currently hold one. Their flexibility, and tax-sheltering and tax-saving advantages no doubt help with that. Yet of course, like any vehicle designed to help you save and grow your money, there are things to be aware of.

Without even knowing it, you could be making decisions about your TFSA that are costing you money – including penalties and extra taxes. Likewise, you could be missing out on opportunities to maximize the growth of your TFSA and get to your goal even sooner. This article explores five common errors people make with their TFSA and how you can avoid them.

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5. How To Plan Your RESP Withdrawals

If you have children (or grandchildren), a big part of planning for their future includes saving for their education. University, technical school, college – the tuitions come with a hefty price tag. And that doesn’t count living and other student expenses. Dreams of a post-secondary education can be realized with a Registered Education Savings Plan (RESP) but before the high school yearbook is printed, you’ll want to consider your plan for withdrawing from the fund.

There are rules, restrictions, and tax matters to navigate and getting the most out of an education savings plan requires a little studying in and of itself. Fortunately, you don’t need a degree to make it work. This article highlights the considerations for cashing in or withdrawing from the plan. Your advisor can help make sure you’re doing it right.

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For every goal you have and for every life change that comes along, you’ll want to ensure you’re making informed decisions and that your registered savings plans are on track and keeping pace. We’re here to help provide you with the information you need as well as the advisory services that will make it clear and well-planned. Speak to your advisor and make sure you have the optimal mix of registered savings plans for your needs.

BlueShore Financial, Financial Advisor, Samira Entezar

Samira Entezar

Financial Advisor

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† Mutual funds are offered through Credential Asset Management Inc.

Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.

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The information contained in this article/video was written by BlueShore Financial or one of our expert financial writers and was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. It is provided as a general source of information and should not be considered personal financial advice.