Invest in your business
Investments play a key role in your financial plans. As part of our process we will work with you to create and establish solid investment plans and strategies, which may include discussions on all or some of the following areas:
- Cash Flow and Debt Management
- Savings and Wealth Accumulation
- Retirement Planning and Invetment Management
- Tax Planning and Strategies
Choose the right options for your workplace savings plan
Help your employees save for the future
To find out which combination of plans will help your employees become better prepared for retirement, you’ll need to weigh a variety of factors, including tax efficiency and plan flexibility for you and your employees.
RRSPs, TFSAs, VRSPs, PRPPs - when it comes to offering retirement savings plans to employees, there are lots to consider. Make it simpler for your employees to save for the future by helping them understand what their choices are.
TFSA — Tax-Free Savings Account. Employee deposits into this type of account are made with after-tax income, therefore, the contributions and the investment earnings are not subject to tax. There is a limit to how much they can deposit in a TFSA.
RRSP — Registered Retirement Savings Plan. The money employees put into an RRSP and the interest earned are both subject to tax — but only on the date they’re withdrawn. The contribution limit is higher when compared to a TFSA.
PRPP — Pooled Registered Pension Plan. These plans are often preferred by small and medium-sized business, and by the self-employed. As with an RRSP, contributions are tax-deductible and subject to an annual limit.
VRSP — Voluntary Retirement Savings Plan. Offered only in Quebec, a VRSP is similar to a PRPP except that the employee’s contributions are not locked-in.
NRSP — Non-Registered Savings Plan. Your contributions are after-tax money, so they’re not taxed nor are they tax-deductible. Interest earned is taxed. There is no annual contribution limit.
Tax Planning and Strategies
No one likes taxes. No matter what stage of life you are in and whether your goal is to accumulate wealth or to provide income in retirement, the impact of taxation on our income and investments needs to be considered. Not only is it important for us to work for our money as well as for our investment money to work for us but also to ensure that we keep as much of both as possible. Investment products held within Tax Free Savings Accounts (TFSAs), RRSPs or RESPs as well as charitable contributions and permanent life insurance policies and can all be useful tools in an effective tax strategy. As part of our process, we will work together and discuss ways to attempt to minimize the specific effects of taxation on your personal and business investments.