RESP is a special savings account that can help you, your family or friends, start saving now for your child’s education after high school. RESPs are registered by the Government of Canada, so savings for education can grow tax-free until the person named in the RESP enrolls in studies after high school. The Government offers the following incentives to help build your savings:

What is the Basic Canada Education Savings Grant

The basic Canada Education Savings Grant (CESG) is a payment of 20% on the first $2,500 contributed yearly to an RESP made in respect of an eligible beneficiary, up until the end of the calendar year in which the beneficiary turns 17.

What is the Additional CESG

The Additional Canada Education Savings Grant (A-CESG) is extra money from the Government of Canada available to help you save for your child’s education after high school. Depending on your net family income you could receive an extra 10% or 20% on the first $500 per year contributed to the RESP. This grant, is in addition to the basic CESG that you may already be receiving in your child’s RESP.

Canada Learning Bond (CLB)

The Canada Learning Bond (CLB) is $500 offered by the Government of Canada to help you start saving towards your child’s education after high school. Plus your child could get $100 every year until he or she turns 15 years old to a maximum of $2,000. Your child is eligible if born after December 31, 2003 and you receive the National Child Benefit Supplement (family allowance).

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RDSP is a savings plan to help parents and others save for the long-term financial security of a person who is eligible for the disability tax credit (disability amount). Contributions are not tax-deductible and can be made until the end of the year in which the beneficiary turns 59. Contributions that are withdrawn are not included in income for the beneficiary when they are paid out of an RDSP. However, the Canada Disability Savings Grant, the Canada Disability Savings Bond, and investment income earned in the plan are included in the beneficiary’s income for tax purposes when they are paid out of the RDSP.

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The Tax-Free Savings Account (TFSA) is a flexible, registered, general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs. The TFSA complements existing registered savings plans like the Registered Retirement Savings Plans (RRSP) and the Registered Education Savings Plans (RESP).

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RRSP Monthly Contributions

Rather than waiting until the last minute to contribute a lump sum to defer taxes, consider making monthly contributions. Monthly contributions can start from as little as $25 per month.

RRSP Investment Loans

Most investment companies offer an RRSP line of credit to make up for a temporary lack of investment dollars. Interest rates are usually offered around Prime + 1% and may have a deferred payment option, or flexible repayment as low as 2%.

TFSA, RRSP or Both

TFSA and RRSP Comparison



Banking products are an essential part of a successful financial plan. We offer banking products that pay higher interest rates than the traditional ‘bricks & mortar’ institutions and cost less in service fees. Options are available to transfer funds from other Canadian institutions; telephone & internet banking to pay bills & transfer funds; ABM access with a debit card and above average interest rates.



Segregated Funds are distributed exclusively by life insurance companies. To protect investor’s interests, the assets of these funds are managed separately from those of the company, thus the name Segregated Funds. Segregated Funds are guaranteed at maturity or death on deposits made. They are protected against probate thus can be used for Estate protection and are payable at death as a tax free benefit. This category of funds has exclusive advantages over all mutual funds.

Advantages of Investment Funds