Investing | Peter C Rhoden

RESP

Maximum contribution is $2,500 a year. The Canada Education Savings Grant (GESG) has a maximum of $500 each year (20%)

REGISTERED/NON REGISTERED

For RRSP the maximum is 18% of earned income with a maximum contribution of $29,100.

($1,000 at the beginning of each year and a return of 6% will see $24,673 in 15 years; $38,993 in 20 years and $58,156 in 25 years so start early.)

Retirement

The ability to turn your RRSP to a RRIF, PRIF, LIF by the end of the calendar year you are 71 with the income payments starting the next calendar year.

BANKING

Manulife One and regular checking accounts are available with interest credited.

TAX FREE SAVINGS ACCOUNT (TFSA)

Maximum $7,000 for 2024 with no tax on the gain.

This started in 2009. For 2024 you can have contributed $95,000 in a TFSA