Manage Your Debt

☑️ Pay down high-interest credit card debt

☑️ Refinance high-interest debt to pay it down sooner

☑️ Debt should increase your value

☑️ Undesirable debt decreases net worth 

Registered Education Savings Plan

Are you saving for your children's education in a tax-efficient manner? The Registered Education Savings Plan (RESP) is a long-term savings plan to help people save for a child's education after high school, including trade schools, CEGEPs, colleges, universities, and apprenticeship programs. An adult can also open an RESP for themselves. When you open an RESP, you may apply for benefits such as the Canada Learning Bond (CLB) and the Canada Education Savings Grant (CESG). If the child is eligible, these benefits will be received in the RESP to help with the cost of the child's education. Eligible expenses can include tuition, books, tools, transportation, and rent. British Columbia and Quebec also offer provincial benefits.  

https://sites.google.com/d/1bckGr2VNP2-PxN8kQoGKgd3pwVn3t5qu/p/1X9cQffyKC1EAd_u4Nw-fxbB_XRh1b2xa/edit

Tax-Free Savings Account

Are you using this registered account to earn tax-free income?       The Tax-Free Savings Account (TFSA) program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number (SIN) to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.  Administrative or other fees in relation to TFSA and any interest or money borrowed to contribute to a TFSA are not tax deductible.                                                  https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account.html

Registered Retirement Savings Plan

Are you using this registered plan to earn tax-deferred income?

An RRSP is a retirement savings account registered with the Canada Revenue Agency (CRA), and you or your spouse or common-law partner may contribute. Deductible RRSP contributions can be used to reduce your tax. Income earned in the RRSP is usually exempt from tax (tax deferred) as long as the funds remain in the plan; you generally have to pay tax when you receive payments from the plan.*Contributions are limited to the lower of 18% of earned income or the maximum annual RRSP limit.                                   https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/registered-retirement-savings-plan-rrsp.html

Registered Retirement Income Fund (RRIF)

A registered retirement income fund (RRIF) is an arrangement between you and a carrier (an insurance company, a trust company, or a bank) that we register. You transfer property to your RRIF carrier from an RRSP, a PRPP, an RPP, an SPP, from another RRIF, or from an FHSA and the carrier makes payments to you.

The minimum amount must be paid to you in the year following the year the RRIF is entered into. Earnings in a RRIF are tax-free and amounts paid out of a RRIF are taxable on receipt.

You can have more than one RRIF and you can have self-directed RRIFs. The rules that apply to self-directed RRIFs are generally the same as those for RRSPs. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-retirement-income-fund-rrif.html

Protect Your Lifestyle

There are five steps in the personal risk management process to protect your lifestyle:

1️⃣ Identify the risk

2️⃣ Evaluate the risk

3️⃣ Control the risk

4️⃣ Finance the management of risk (insurance)

5️⃣ Monitor & revise the risk management plan