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Save on Tax While Saving for Your Kids
Saving for your dependants can create a set of challenges; offsetting these are some appealing tax advantages. We offer tax-efficient savings tools to help you achieve your saving goals to provide for your children’s futures. We offer:
- RESP (Registered Education Savings Plan) accounts — Registered Education Savings Plans (RESPs) are one of the most popular education savings programs in Canada.
- Informal Trust accounts — An informal trust is not a legal trust; rather, it is much more like a savings account for the child (under 18) which offers special tax treatment for capital gains within the account. Interest and dividend income is attributed back to the parents, until the child reaches the age of majority.
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The comments contained herein are general in nature and professional advice regarding an individual’s particular tax position should be obtained in respect of any person’s specific circumstances.
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