What is OAS?

By |2022-09-14T14:02:00-04:00September 14th, 2022|

Old Age Security or OAS is a supplementary income program for Canadian residents ages 65 and older with moderate or low individual income. Unlike CPP, its eligibility is based only on years of Canadian residence, not employment income. OAS payments [...]

What is CPP?

By |2022-09-14T14:27:44-04:00September 14th, 2022|

Canada Pension Plan or CPP refers to the government run pension for Canadians who have earned employment income throughout their careers. Most people who have worked for many years in Canada, or a country with a social security agreement, can [...]

What is an RESP?

By |2022-09-14T14:41:16-04:00September 14th, 2022|

A Registered Education Savings Plan is the primary tool available to Canadians to help them save for education expenses. An RESP is most commonly used for the benefit of children or grandchildren, though they can be used for anyone, including [...]

What is a RRIF?

By |2022-09-14T14:35:48-04:00September 14th, 2022|

A Registered Retirement Income Fund (RRIF) is the second stage in an RRSP’s lifetime, during which the holder must withdraw a minimum amount from the account annually. An RRSP can be turned into a RRIF at any time, but it [...]

Which is better – RRSP or TFSA?

By |2022-09-14T14:36:25-04:00September 14th, 2022|

This is a very common question because the two programs have many similarities, but also a few key differences. In general, TFSAs are more appropriate for people who expect their incomes to rise over time (often, young people), whereas RRSPs [...]

What is an RRSP?

By |2022-09-14T14:37:24-04:00September 14th, 2022|

A Registered Retirement Savings Plan is a type of account available to Canadians to help them save for retirement. Each Canadian who earns income receives contribution room of up to 18% of your earned income from the previous year, reduced [...]

What is a TFSA?

By |2022-09-14T14:40:25-04:00September 14th, 2022|

A Tax-Free Savings account is a type of account available to Canadians to help them save for retirement, a major purchase, or any other kind of saving. Each Canadian resident age 18 or over receives contribution room annually that can [...]

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