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Essential to your financial health

The times of uncertainty that we are currently experiencing highlight the importance of savings in good financial planning. Make a resolution to optimize your savings in your registered plans in order to fully benefit from the tax deductions or grants available to you. To build your savings, have a well thought-out plan that meets your needs and aims at both protecting your wealth and meeting your goals.


Do you know all the benefits of the main savings plans?

Here is a quick overview of their respective features:
Tax deferral Tax-free interest and capital gains Tax deferral and government grants
  • Ideal way to save for your retirement.
  • Investment income is taxable only upon withdrawal.
  • Withdrawals are added, to your taxable income (except in the case of the HBP and the LLP).
  • Contribution deadline for the 2020 tax year:  March 2, 2021.
  • Annual contribution limits:
    2020: $27,230 
    2021: $27,830 
  • Savings plan to achieve your life projects or enhance your retirement.
  • Investment income not taxable.
  • Withdrawals possible at any time (depending on the type of investment) without paying any tax.
  • Annual contribution limit for 2021: $6,000 
  • If you have never made any contributions, you may have contribution room of up to $75,500.
  • Savings plan to pay for your children’s or grandchildren’s post-secondary education.
  • Investment income is tax-free + eligible for federal and provincial government grants.
  • Contribution deadline: December 31 
  • Annual contribution limit to maximize grants: $2,500 


Some points to consider
  • If you have a trust, don’t forget that it must file its annual income tax return before March 30, 2020.
  • If you are planning to retire within the next few years, get in touch with your advisor to discuss your situation and possibly review your investment strategy. Are your risk tolerance and your investment horizon still the same? Is your asset allocation still appropriate for your situation? Have certain events in your personal or professional life changed your goals or your retirement plan? Take advantage of your advisor’s expertise to update your portfolio so that it accurately reflects your current plan and goals.

For any questions concerning your wealth, don’t hesitate to contact your Wealth Management Advisor who will be pleased answer them!



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