Category Archives: Uncategorized

Registered Education Savings Plan (RESP)

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Provided that the earnings that you make from investments are not withdrawn from the RESP, you will not pay any tax on them, giving you the opportunity to grow your savings quicker.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.

Live Younger Longer!

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

LiveYoungerLonger

What Would You Do With $1000?

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.

ManulifeCashBack
Copyright of Manulife

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.

Do You Need Help with Post-Secondary Education Costs?

Life Lessons ScholarshipThe last year of high school is filled with schooling, parties and the pressure of deciding what you want to be when you grow up. For most teens, this is a time overflowing with excitement to start their new identity and future. Unfortunately, some of you have already experienced what real-life can be like and have dealt with the loss of a parent or guardian. You have survived that, or are still surviving, and you’ve made the choice to take the next steps in your future and go to post-secondary school. The challenge of paying for this choice is now your primary concern.

Manulife is proud to announce the Manulife Life Lessons Scholarship Program for Post-secondary Students for those who have lost a parent or guardian and are left with little to no life insurance. The Scholarship Program helps combat the financial burden of paying for post-secondary education during an emotional time and recognizes the perseverance that so many youth show in such adversity.  The Manulife Life Lessons Scholarship Program is committed to student success and helps support students financially, making the decision to attend and finish a college, university or trade school program a little easier.

This is a great opportunity for those who have gone through so much already and provides a chance at a new beginning. If you’re wondering if you qualify, click here for some additional information or contact us and we’ll be happy to walk through the process with you.

Young Boomers Retirement More of a Jingle than a Jangle

Young Boomers-FBA recent article by Joel Schlesinger at the Winnipeg Free Press presented the challenges being faced by a generation known to dance to their own tune. According to the study, there may have been too much dancing and not enough planning highlighted by the stat of 1 in six indicating they will be working until they die.

Our own Doug Buss was showcased in the article and shared his experience that this is not a surprise for those involved in the financial discussions with this demographic. “Growing up in an era of affluence bred complacency among some boomers.” says Doug.

It’s a great article that shows foresight can prevent the chance of getting to your golden years without a parachute. Take a read here.