Investment | bankofnovascotia

Investment

Tax Free Savings Account (TFSA):

-Earn tax-free income with no minimum balance and fees

Retirement Savings Plans (RSP):

-Help you to buy your first home and education, income taxes and other taxes may be reduced, withdraw after retire my receive a low tax rate

Retirement Income Funds (RIF):

-An extension of RSP, continue to grow on a tax-deferred basis, difference from RSP is it required you to withdraw minimum amount commencing after the plan began

Registered Education Savings Plans (ESP):

-Give your RESP a boost by the government, maximize your contributions and get more grant money based on your family’s income

Disability Savings Plans (DSP):

-Will not affect federal benefits that had given to you, save more money for a disabled person or that entire family

Pre-Authorized Contributions:

-Help earn your saving automatically and it gave you a flexibility of time and amount of contributions

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Best ONE

Registered education plan (RESP) is the best one I would choose, since this is the only one that has the goal of saving for me as a student’s future post secondary education. The other ones are either for retirement or down payment. First of all, RESP give me a boost, which the government will support and match the eligible contribution to an RESP by 20%. Second of all, student and parents are able to contribute up to $50000 per children, so there will be no worries of how much can I contribute, since the number right here is already large enough. Last, if parent or student started late, they can catch up the missing years and contribute more, this is a great benefit, because from this everyone is on same line and there will be no concerns of whether you started early or late. This is a great opportunity, so find a local branch and ask a Scotiabank expert.