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Dan Hwang

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800 Manulife Place
10180 - 101 Street
Edmonton, AB
T5J 3S4
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Registered Plans & TFSAs

As a hard working investor, you know that taxes can take up a significant portion of your earnings. Registered plans help investors defer tax and grow their investments faster in a tax shelter. Whether you are saving for your retirement, education or a downpayment for a new home, registered products provide a tax-advantaged way to save for your financial goals and lay the foundation for a strong financial future.





  • A Registered Retirement Savings Plan (RRSP) is a tax-deferred plan designed to help save for retirement. With an RRSP, contributions are tax deductible and, once in the plan, continue to grow on a tax-deferred basis until the funds are withdrawn. Any funds removed from the RRSP are taxed in the year they are withdrawn. At retirement, the funds may be rolled into any of the RRSP maturity options where they continue to be tax sheltered, except for the amount of money taken out as income each year.


  • A Registered Retirement Income Fund (RRIF) is very much like an RRSP only it works in reverse. Like an RRSP, all of the growth and income generated by the assets in a RRIF are tax-sheltered until they are withdrawn from the plan. Unlike an RRSP, where the purpose is to build retirement assets by making contributions, the purpose of a RRIF is to supplement retirement income by making regular withdrawals. In fact, the CRA requires at least a minimum amount out of the RRIF each year.


  • A Registered Education Savings Plan (RESP) is a tax deferral plan designed to help save for a student’s post-secondary education. Although contributions to an RESP are not tax deductible, all of the income in the plan compounds on a tax deferred basis. In addition, there is also the Canada Education Savings Grant (CESG) – a program the federal government introduced in 1998 – that now deposits up to $500 per year directly into the RESP ($400 prior to 2007). Finally, when the accumulated income and CESG is withdrawn from the RESP to pay for education expenses – the student pays the taxes, not the subscriber. The full amount of the withdrawal is taxed in the student’s hands as ordinary income.


  • An Individual Pension Plans (IPP) are retirement savings vehicles designed to allow for higher tax-deductible contributions and accelerated tax-free growth of retirement assets, when compared to conventional alternatives such as RRSPs. They are defined benefit pension plans that are designed for high-income earning executives and incorporated professionals, and must adhere to Canadian pension plan rules and regulations.


  • A TFSA is a flexible and tax efficient savings plan that can help you save for long and short term goals. You can save and invest up to $5,000 a year without paying tax on any earnings that may accrue.


  • If you would like to discuss how Registered Plans can complement your overall wealth management strategy, contact us by email or at (780) 945-5203.