Account Types

A Tax Free Savings Account (TFSA) allows tax payers to set money aside in eligible investment vehicles and watch those savings grow tax-free throughout their lifetime. There are no restrictions on the way TFSA funds (contributions and earnings) can be used, making them good saving options for retirement and for other reasons (ex. travel, renovations, large purchases such as a vehicle, medical expenses or to save for a "rainy day").  Individuals at all income levels and walks of life can benefit from a TFSA. 

Please speak to your Investment Specialist for additional details including TFSA contribution limits, rules regarding withdrawals and transfers and which type of investments are eligible for TFSAs.

A Registered Retirement Savings Plan is a savings plan designed to both encourage and help members save for retirement.  Contributions to an RRSP are tax deductible, meaning that when you make contributions to an RRSP, you are reducing your taxable income by the amount of money you contribute to the plan.  If you withdraw funds from an RRSP, the amount withdrawn will be added to your income in the year of the withdrawal and taxed at your marginal tax rate.  As a result, RRSPs are normally treated as long-term investments. 

Please speak with your Investment Specialist for additional details including types of RRSP investments and SVCU RRSP loans.

A Registered Education Savings Plan (RESP) is designed to help you save for your child's post-secondary education including trades.  It offers flexibility, tax-deferred income and investment growth, and contributions are eligible for government grants.

• Lifetime contribution limit for RESP is $50,000 per beneficiary
• Beneficiaries may also qualify for additional grants such as Canada Education Savings Grant or Canada Learning Bond
• Contributions to an individual RESP plan can be made for 31 years, following the year the RESP was opened.
• Options for individual or family plans

Please contact your Investment Specialist for additional details including contribution limits & time frames, setting up multiple beneficiaries and accessing government grants and bonds.  

Regardless of how small or large your business is, Group RRSPs are a powerful benefit to offer your employee(s) and an asset for employee retention. 

How can a group RRSP benefit the employer?

• Protect your investment in training
• Retain skilled and experienced staff
• Promote the long term financial health of your employees

How can a group RRSP benefit your employees?

• Access an easy savings strategy for their retirement with automatic payroll deductions – RRSP contributions are tax deductible and investment earnings are not taxed until withdrawn
• Employees are still treated as individuals, allowing them to choose from simple to customized investment solutions that are compatible with their interests and investment knowledge
• Access your RRSP funds for the “Home Buyers’ Plan” for first time home buyers and “Lifelong Learning Plan” for continuing education

Please contact your Investment Specialist for additional details. 

Registered Disability Savings Plans (RDSPs) provide a tax-sheltered savings plan for Canadians who are eligible for the Disability Tax Credit (DTC). 

Please contact your Investment Specialist for additional details including qualifying investments, eligibility requirements, contribution limits and time-lines, government assistance and withdrawl options.