02/14/2024
Wondering about RRSP deadline? Learn about RRSP, RESP, TFSA, and FHSA benefits! 💸💡
So what is the primary benefit of these registered saving plans? 👇
1) RESP for your kids will get you $7,200 in grants from the federal government, and $1,200 from the BC government.
2) For RRSP, lets say you make $100,000 a year and if you contribute $5,000 a year, your tax savings in your tax return would be $1,550, depending on other factors. It would double to $3,063, if you double your contribution to $10,000 for the year.
3) With a TFSA, you don't pay any taxes on your investment gains.
4) FHSA combines the advantages of an RRSP and a TFSA together. FHSA contributions will lower your annual taxable income, while investment gains and withdrawals will be tax free.
On our website TWC Financial, we have got financial calculators to help you navigate each of these accounts.
https://www.twcf.ca
