Hey YourStyle followers, Lor here!
You’ve all heard the old adage: Out of sight, out of mind? Well, we recently decided to try the opposite with our fruit in the fridge. Doug and I are working with Shauna Muldrew, Owner and Health Coach of Infinity Health and Nutrition Coaching, to spruce up our eating and work outs and she suggested that we get the fruit OUT of the crispers and on a shelf in the fridge – RIGHT AT EYE LEVEL. I have also been placing apples, plums, peaches and oranges in a fruit bowl on the kitchen counter. Lo and behold, because all these healthy goodies are now visible, the whole family is eating more fruit rather than reaching for processed snacks.
You’re all familiar with those hangry times when you get home from a busy, stressful day and you just want to rip open a bag of chips? I’m not saying that fruit cuts it over chips, but at least at our house, fruit is now the first thing you see when entering the kitchen or opening the fridge. This makes it soooooo much easier to grab a healthy snack.
Anyone who knows us knows we love to chill in our living room and watch sports or movies. We call our reclining seats Row 1 Seats 1 &2 for Jets games! However, those food commercials on TV can be sooooo enticing. You can practically smell the aromas coming from the TV! I now pre-wash and prepare strawberries and grapes. They are ready to go! All we have to do is grab a bowlful and crunch down on some grapes. The sweet crunchiness also satisfies the chocolate cravings.
Making small, visible changes keeps us moving in the right direction. The same can be said for having a financial plan and meeting regularly with a financial planner. We now have a plan to increase our healthy snacks and it’s working. Having a financial plan with visible goals and objectives works the same way by keeping your finances In Sight and Top of Mind.
Great benefits of opening a RESP
- Benefit from tax-free savings
Provided that the earnings that you make from investments are not withdrawn from the RESP, you will not pay any tax on them, giving you the opportunity to grow your savings quicker.
- Take advantage of government grants
The Canada Education Savings Grant (CESG), established by the federal government, will add to your RESP every year. It provides an additional 20% on contributions up to a maximum of $2,500- that’s up to $500 each year. If it isn’t used, the CESG top up can be carried forward and applied to future contributions to a lifetime maximum of $7,200.
What’s more, families on lower incomes might also receive money via the Canada Learning Bond. The Government of Canada contributes up to $2,000 to a RESP for an eligible child. This includes $500 for the first year of eligibility and $100 each year the child continues to be eligible (up to and including the benefit year in which they turn 15.)
- You can choose your investment options
Take full control of your finances by deciding which investments are best matched to your financial goals, appetite for risk and short / long term objectives. You can choose from a variety of options including GICs, segregated and mutual funds.
- Others can contribute towards a RESP
A friend or family member is able to set up a RESP for your child and they can contribute towards it too to help it to grow faster.
- Your children are liable for the tax of educational assistant payments (EAP)
Educational assistance payments can be drawn by your child if they take post-secondary education but they are liable for the tax on the payments. This can be beneficial as your child, while studying, is likely to have little or no income and therefore the tax burden is likely to be lower than if you were liable for it yourself.
- Benefit from your RESP account for up to 36 years
There are a few rules to be aware of relating to the time periods that apply to RESPs. For example, if you are eligible for disability tax credit, your RESP account can stay open for a maximum of 40 years. And if your child wants to take a break from studying before returning to education later, they may still be able to use the money invested in the RESP.
Contact us to learn how we can help.
Wouldn’t you like to live a long, healthy life?
We’d like to invite you to join us for a Women’s Health event we’re hosting where you can learn how to optimize your health. No matter what your age, it’s a good time to learn about factors which can impact your well-being and how you can take control.
When: Sunday October 27th
Time: 1:30PM – 3:30PM
Where: Your Style Financial, 2020 Portage Avenue
Can you imagine making money from owing money? The exciting news is this could now happen to you. Manulife is offering $1000 cash back on new Manulife One accounts. As a Manulife Group customer, you may be eligible for this exciting bonus for opening a new Manulife One account.
If you’ve read all this and are intrigued but would like to learn more , the video below gives a great overview or you can click here to visit Manulife for more information.
If you need help determining if this is or any other great options for improving your finances, we’d love to help.