Opening a Registered Education Savings Plan (RESP) can help you save for your child’s education effectively. With an RESP, your savings can grow through contributions, as well as bonuses and grants from both federal and provincial governments.
A TFSA allows Canadians to save and invest tax-free, with flexible contribution limits and a variety of investment options, including segregated funds. Withdrawals are tax-free, and the account offers benefits like no impact on government benefits, as well as tax advantages on excess contributions, transfers, and upon the holder's death.
U.S. stocks moved higher on Monday, driven by optimism surrounding the Federal Reserve's upcoming policy decision.
Stocks fell Thursday, weighed down by hotter-than-expected U.S. inflation data and a pullback in technology shares.
Investors' enthusiasm for US technology giants sent stocks higher Wednesday, snapping a two-day slide after a benign inflation report cemented expectations that the Federal Reserve will continue to cut interest rates.
U.S. stocks, bonds, and the dollar experienced modest movements as traders await key inflation data for insights into the Federal Reserve's next rate decision.
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US stocks retreated on Monday, pausing after a record-setting rally.
The S&P 500 and Nasdaq Composite climbed to new records on Friday, buoyed by better-than-expected November jobs data.
RRSPs offer valuable opportunities for tax planning and retirement savings, but early withdrawals can lead to significant tax consequences. Programs like the Home Buyers’ Plan and Lifelong Learning Plan allow tax-free withdrawals under certain conditions, while Spousal RRSPs can help couples reduce their tax burden and optimize savings. However, understanding rules like the three-year attribution rule is essential to make the most of these tools. Consulting a financial advisor can help you navigate these strategies and secure a stable financial future.