RRSP, TFSA and RESP:

Do you know all the benefits of the main savings plans?

Here is an overview of their respective features:

RRSP	TFSA	RESP
Tax deferral	Tax-free interest, dividends, and capital gains	Tax deferral and government grants
Ideal way to save for your retirement. Investment income is taxable only upon withdrawal. Withdrawals are added to your taxable income (except in the case of the HBP and the LLP). Contribution deadline for the 2022 tax year: March 1, 2023. Annual contribution limits: 2022: $29,210*	Savings plan to achieve your life projects or enhance your retirement. Investment income not taxable. Withdrawals possible at any time (depending on the type of investment) without paying any tax. Annual contribution limit for 2023: $6,500 If you have never made any contributions, you may have contribution room of up to $88,000**.	Savings plan to finance your children’s or grandchildren’s post-secondary education. Investment income is tax-free + eligible for federal and provincial government grants. Contribution deadline: December 31 Annual contribution limit to maximize grants: $2,500

*Before depositing funds in your registered investments, we recommend that you validate your contribution limits with your 2022 Notice of Assessment or through your Canada Revenue Agency online portal.

**Must have been 18 years of age in 2009 and be Canadian resident.

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Some points to consider

• If you have a trust, don’t forget that it must file its annual income tax return before March 30, 2023.
• If you are planning to retire within the next few years, get in touch with your advisor to discuss your situation and possibly review your investment strategy. Are your risk tolerance and your investment horizon still the same? Is your asset allocation still appropriate for your situation? Have certain events in your personal or professional life changed your goals or your retirement plan? Take advantage of your advisor’s expertise to update your portfolio so that it accurately reflects your current plan and goals.

For any questions concerning your wealth, don’t hesitate to contact your Wealth Management Advisor who will be pleased answer them!