Skip to main content

Peter Jong

Peter Jong

  • Home
  • About 
    • Our Team
    • Our Philosophy
    • Our Process
  • Our Services 
    • Investments
    • Insurance
    • Retirement Planning
    • Your Finances
    • Asset Allocation
    • Charitable Giving
  • Contact

    You are here

  1. Home
  2. Our Services
  3. Investments

Investments

Tax-free savings accounts

Investors looking to put their hard-earned savings in an account that is more flexible than an RRSP but still offers tax benefits can consider a new Tax-Free Savings Account (TFSA).

In 2009, the Canadian government introduced a new way for investors to cut down on taxes while saving money. While RRSPs are primarily intended for retirement and allow for income tax benefits, TFSAs allow for quicker access to tax-free savings.

Either alone or combined with other financial products, a TFSA can help you build a strong financial portfolio.

  • While contributions are not deductible for income tax purposes, all investment and growth income earned in a TFSA, including capital gains, will not be taxed—even when withdrawn
  • After a waiting period, re-invest all money withdrawn from the account
  • Earnings in the account do not impact benefits that depend on income levels, like the Canada Child Tax Benefit
  • All Canadians aged 18 and older are eligible for a TFSA
    ​

Contact me today to determine whether a Tax-Free Savings Account is a good choice for you.

RRSPs and RESPs

A registered retirement savings plan (RRSP) has several advantages. For investors under 72, it can provide tax-deferred compounding investment income and help accumulate savings to achieve long-term retirement goals. It also allows for a variety of choice of specific investment options—from GICs to mutual funds. For families with children, a registered education savings plan (RESP) can help finance post-secondary education.

Some of the advantages of RRSPs and RESPs include:

  • Tax-deductible RRSP contributions
  • Tax deferral of compounding income and growth
  • Based on a family’s net income and the amount contributed, a government RESP grant is available
  • When money is withdrawn from an RESP for post secondary education, the student typically pays little tax, due to the low income tax rate of the recipient
     

Working together, we can examine RRSP and RESP investment options in order to build a customized portfolio that takes into consideration your financial goals, tolerance to risk and timeline. Contact me today to find out more.

Our Services

  • Investments
  • Insurance
  • Retirement Planning
  • Your Finances
  • Asset Allocation
  • Charitable Giving

Contact Me

Don't hesitate to get in touch with me.
I would love the opportunity to become your trusted advisor.

Phone: 250-589-9470
Fax: 250-483-6408
Toll Free:

Email: peter.jong@dfsin.ca

Suite 301, 1321 Blanshard Street,
Victoria, British Columbia V8W 0B6

linked-in.png

Get Directions

Quick Message

  • Sitemap
  • Legal, privacy, copyright and trademark information

*Mutual funds distributed through Desjardins Financial Security Investments Inc.

© 2023 Peter Jong. All rights reserved.

Website Design For Financial Services Professionals