Invest wisely with Insured Wealth
Investments are crucial for both individuals and corporations as they help in wealth accumulation and future financial security. For individuals, investing can lead to significant returns over time, allowing for major life goals such as retirement, education, or buying a home. For corporations, investments in technology, infrastructure, or research and development can drive growth, improve competitiveness, and ensure long-term sustainability. Overall, strategic investments are essential for achieving financial stability and growth.
Tax free savings account
A Tax-Free Savings Account (TFSA) is a flexible, registered savings account available in Canada that allows individuals to earn tax-free investment income. Contributions to a TFSA are not tax-deductible, but any income earned within the account, including interest, dividends, and capital gains, is tax-free, even when withdrawn. TFSAs can be used for various purposes, such as saving for a home, education, or retirement, and offer a tax-efficient way to grow savings over time. They also provide the flexibility to withdraw funds at any time without tax consequences, making them an attractive option for many Canadians.
Retirement saving plans
In Canada, retirement saving plans like the Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA) are essential for financial security. RRSPs allow for tax-deductible contributions and tax-deferred growth, with taxes paid upon withdrawal in retirement. TFSAs offer tax-free growth and withdrawals, providing flexibility and significant tax advantages. Both plans help Canadians save effectively for their retirement years.
Locked-in retirement account
A Locked-In Retirement Account (LIRA) in Canada holds transferred pension funds and ensures they are preserved for retirement. Unlike other accounts, LIRA funds cannot be withdrawn until retirement, typically starting at age 55, and must be converted to a retirement income vehicle like a life income fund (LIF) to provide steady income during retirement.
Registered education saving plans
A Registered Education Savings Plan (RESP) in Canada helps parents save for their children's post-secondary education with tax-free growth. The government also provides grants like the Canada Education Savings Grant (CESG) to boost savings. Withdrawals for education are taxed in the student's hands, usually at a lower rate, making RESPs an efficient way to fund education costs.