1. Comprehensive
Tax Planning Solutions
It’s okay to “double-dip”
Jaffer Hussain
Consultant
Help secure your Here’s why the ultimate Start now
family’s future “double-dip”works so well: Finding the funds to make an
As a parent, you have to be a terrific 3 When you make your maximum annual RRSP contribution may seem
juggler. You juggle time to complete allowable RRSP contribution you difficult – especially, with all the daily
all the tasks and chores that fill your may enjoy tax-savings that can be juggling going on in your life. So why
day. You juggle responsibilities to applied towards establishing or not start now? Talk to your Investors
ensure your children have the best adding to your children’s RESPs. Group Consultant about setting
possible childhood and prospects for up a Pre-Authorized Contribution
3 The federal government’s CES (PAC) to make monthly RRSP
their future. Yet the toughest juggling
Grant program provides a contributions. Your RRSP will begin
act of all is managing your finances
matching grant for each RESP to compound on a tax-deferred basis
while raising a family. It can be
contribution made for an eligible for a potentially fast and stronger
even more difficult to find the extra
child. The Basic CES Grant is worth growth over the long term. You can
dollars needed to invest towards
20% on the first $2,500 of an even arrange for your employer to
a comfortable financial future,
annual RESP contribution or reduce withholding taxes at source
including your retirement and the
$500 per year. This eligibility based on your RRSP contribution
educational plans of your children.
accumulates and carries forward, schedule, so that you can fund
If you’re a parent of young children, so even if you were unable to make monthly RESP contributions instead
you are probably struggling with a enough of an RESP contribution to of waiting for your tax refund in the
tough decision: Is it better to first access the full Basic CES Grant spring to make an annual RESP
save for your retirement through money in previous years, you can contribution. It’s a win-win situation
Registered Retirement Savings Plans start to make up for it now and in that will allow you to also capitalize
(RRSPs), or to save for your children’s future years and get the Basic CES on the ultimate “double-dip”.
education through Registered Grant money your child would have
Education Savings Plans (RESPs)? received in those earlier years. Let us help you feel more confident
about your future – plus make sure
Fret no more because there is a 3 Families with children born after you take full advantage of all the
way to do both: Make your RRSP December 31st, 2003 who also tax-saving and income-building
contribution before the deadline each receive the National Child Benefit opportunities that are available to you.
year and use the resulting tax refund Supplement may also qualify for
to make an RESP contribution. That’s additional funds through the
the ultimate “double-dip” because Canada Learning Bond.*
your child’s RESP can also take
advantage of “free” cash from the
federal government in the form of
a Canada Education Savings Grant
(CES Grant).*
