Savings for your retirement and your children's education.
Monthly savings plans built with segregated funds. We set the amount, claim the government grants you qualify for, and review the plan with you every year.
Two accounts, two goals
RRSP: savings for retirement
What you put into an RRSP reduces your taxable income for the year, up to the limit shown on your CRA Notice of Assessment. The money grows without tax until you take it out. Withdrawals are taxed as income, ideally in retirement when your tax rate is lower.
First-time home buyers can borrow from their RRSP through the Home Buyers' Plan and repay it over time. Unused room carries forward, so it is never too late to start.
RESP: savings for your children's education
The federal government adds a 20% grant on the first $2,500 you contribute each year per child. That is up to $500 a year and up to $7,200 over the child's lifetime. Lower-income families may also qualify for the Canada Learning Bond and an extra grant.
If you missed earlier years, you can catch up one extra year of grant at a time. Growth stays sheltered until your child withdraws it for school, when it is taxed in the student's hands, usually at a low rate.
Why segregated funds
I build these plans with segregated funds: investment funds held inside an insurance contract. They add protections ordinary mutual funds do not have.
- Maturity guarantee. A set share of your deposits, often 75% to 100%, is guaranteed at the contract's maturity date, reduced by any withdrawals.
- Death benefit guarantee. Your beneficiary receives at least the guaranteed amount, even if markets are down.
- Faster estate transfer. With a named beneficiary, the money can pass outside your estate, avoiding probate delays and estate administration tax on that amount.
- Possible creditor protection. In some cases, with certain named beneficiaries, the contract may be protected from creditors.
These guarantees cost money. Segregated funds charge higher fees than most mutual funds. I show you the fees in writing before you invest, so you can decide if the protection is worth it to you.
How we set up your plan
Retirement income you want, or the school costs you expect. We work back to a monthly amount you can afford.
RESP grants, unused RRSP room, and the tax refund your contributions create.
Matched to your timeline and how you handle market swings. Fees shown in writing.
We adjust the amount, the funds, or both when your income or family changes.
Common questions
How much should I put in each month?
Start with an amount you will keep up. A steady monthly deposit you never miss beats a large one you stop after a year. For an RESP, $2,500 a year per child, about $208 a month, collects the full annual grant.
Should I pay down my mortgage or invest?
It depends on your mortgage rate, your tax bracket and your cash flow. An RRSP contribution can create a refund you then put on the mortgage. We compare both paths with your numbers.
What about a TFSA?
A TFSA gives no deduction going in, but withdrawals are tax-free. It suits people in lower tax brackets or anyone who may need the money before retirement. Segregated funds can be held in a TFSA too. We look at which account fits each goal.
What happens to an RESP if my child does not go to school?
Your contributions come back to you. The grants go back to the government. The growth can often move to your RRSP if you have room, or be paid to you with tax and an extra charge. The rules have conditions, so we review them when the time comes.
Can I move an existing RRSP or RESP to you?
Yes. A direct transfer between institutions keeps the tax shelter in place. Check for any fees or deferred sales charges on your current funds first. I will look at them with you before anything moves.
Start with the amount you will keep up.
In 15 minutes we look at what you save today, what grants or room you are leaving unused, and what a realistic monthly plan looks like.