Savings optimization (RRSP, RESP, TFSA)

Service Overview

Navigating TFSAs, RRSPs, and RESPs can get tricky, especially when you're looking into estate planning and rollovers. Without smart planning, your hard-earned savings could face unexpected taxes.

• An TFSA, or Tax-Free Savings Account, is essentially a financial tool where you can save or invest money without paying tax on the earnings. It offers the flexibility to withdraw funds at any time, tax-free.
• An RRSP, or Registered Retirement Savings Plan, is designed to help you save for retirement, allowing you to defer taxes until you withdraw the funds, ideally at a lower tax rate in retirement.
• An RESP, or Registered Education Savings Plan, is a savings plan to help fund a child’s post-secondary education, with the added benefit of government grants to boost the savings.

For example:

TFSAs are usually tax-free, but you need to choose the right beneficiary to avoid estate taxes.

RRSPs can be transferred tax-free to a spouse or a dependent child, but if not, the whole amount could be taxed heavily upon the account holder's death.

RESPs have their own set of rules for transferring or closing the account, which could affect the government grants inside.

It's all about making sure your investments are as efficient and beneficial as possible for you and your loved ones, without giving a chunk away to taxes unexpectedly.  

Contact and Consultation  

Contact SYNCAPRO today to be connected to one of our financial planning partners – Ms. Rose Hong Le. With 20 years of experience in estate planning, Rose offers expert advice in helping you navigate through complex wealth management areas.  

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