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Financial Planning
Registered Investments


Looking towards Tofino from Radar Hill
Registered Investments
Registered investments are investments recognized by Revenue Canada which allow individuals to defer paying income tax on principal and earnings until the income is removed from the account. A general term that includes plans such as Registered Retirement Savings Plans (RRSPs), Locked-in Retirement Accounts (LIRAs), Registered Retirement Income Funds (RRIFs), Registered Educational Savings Plans (RESPs) and annuities purchased with the proceeds of an RSP.
RRSP
An RRSP is a retirement savings plan to hold amounts deducted from taxable income, within certain limits, in a tax deferred state. There are various investment options and a tax deferral on investment income and gains. They are available to individuals to and including 69 years of age, but must be collapsed by the end of the year in which the holder turns 69 years of age.

Westwood Lake
LIRA
A LIRA is a retirement savings plan that is established by the transfer of locked-in funds from a Registered Pension Plan (RPP) or another locked-in retirement savings/income plan such as a Locked-in Retirement Savings Plan (LRSP), Locked-in Retirement Account (LIRA), Life Income Fund (LIF) or Locked-in Retirement Income Fund (LRIF).

RRIF
A Registered Retirement Income Fund is a fund that is commonly used to "store" your accumulated RRSP capital while it is still growing on a tax-deferred basis. However, there are minimum requirements for how much you can take out of a RRIF and all income taken out becomes part of your taxable income.

The minimum withdrawal amounts are determined by the Income Tax Act. RRIFs are governed by the Income Tax Act.

Click here for a table showing the minimum amount that has to be withdrawn annually based on age.

RESP
A Registered Education Savings Plan or RESP is a savings account used by parents to save for their children's post-secondary education in Canada. The principal advantages of RESPs are the access to the Canada Education Savings Grant (CESG) and a source of tax-deferred income.

The amount being invested is NOT eligible for tax refunds, but the growth is not taxed.
Gill, Chris and Kayla