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Savings is a essential part of humans as the money we save helps us in difficult times of our life.
In this topic I will discuss about different factors to see when considering a savings plan.

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I posted this video as it gives a detail explanation of the RESP grant in Canada provided by the govt. of Canada.
In this video it gives a detail overview that a student gets a total of 7,200 of grant according to the salary of the household.
if the salary is above or equal to 45916 cesg on the first 500$ of annual resp contribution is 40% and 30% and 20% respected to equal to 91831 and above 91831 salary.
I choose this video as it give a brief overview over the topic and in also in a short video.

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RESP Grants (Canada Education Saving Grants)

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This video gives information about the TFSA  savings account  which gives you a account to save a limited amount of your earning per year also these accounts are good to hold bonds or shares as the there will be no tax on the dividend but it has a limit per year given by the cra per year and its not the same every year .
I choose this video as it gives small details about the account as the dividend from the usa shares have a 15% of the tax and also gives the limit given every year and also about the age limit for the account which many people dont know.

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TFSA Explained For BEGINNERS (EVERYTHING YOU NEED TO KNOW)

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This video explains us the different saving plans in Canada according to the banks and the perks to invest in these banks.
This video came good for me as it has all the small perks the banks provided by the banks and these are different for every bank.

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The Highest Paying Savings Accounts in Canada 2019 (4 Banks)

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This video is for elderly people or people about to come to retirement and the explanation is quite simple and informative.
For me this video is good as if i had to give some elder person information about savings for retirement this video gives graphical explanation for savings.

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This website shows tips and tricks to save your money in away to make it grow.
It shows Dieferent article for different kind of saving accourding to the requirement of the person like  Principal-Protected Investments, Mutual funds, ETF, RRSP and more.
For me the article I likes the most was the Mutual funds one as it explains about mutual funds and at my age these kind of side savings are always good.

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From your first savings account to the disbursement of your retirement income, choose the investment vehicles that best suit your needs and your investor profile. Here are the different options available to help you invest intelligently.

Principal-Protected Investments

Above all, these aim to protect your money from the ups and downs of the stock markets, but can in some cases provide you access to their growth potential. Some examples of different principal-protected investments are guaranteed investment certificates (GIC) at a fixed or variable rate of return and deposit notes.

Mutual Funds

Although the return is not guaranteed as with principal-protected investments, mutual funds are interesting if you are looking to get even more out of your savings over the long term while accepting part of the risk. With that said, investing in such a fund is still less risky than directly buying company shares on the stock market. With a mutual fund, a manager undertakes the selection of the companies that will be in his or her fund. Therefore, your money is invested in hundreds of companies (sometimes residing in the same sector or geographical market). This is a good way to diversify your portfolio and avoid putting all your eggs in one basket.

Exchange Traded Funds (ETF)

ETFs are comprised of various securities of companies traded on the stock market. They usually aim to replicate a particular index or follow a currency or another financial asset. Two characteristics, however, differentiate them from mutual fund investments. First, their low management fees are attractive to many investors. Secondly, they are traded the same way as a stock. You can quite simply buy or sell them when the stock markets are open.

> Read about the 6 tactics to use in order to maximize the benefits offered by ETFs

Save for your retirement with an RRSP

A Registered Retirement Savings Plan (RRSP) is a government-registered savings plan with features that appeal to many Canadians. Its purpose is to help you build your savings for retirement by reducing the amount of income taxes you are required to pay.

You can contribute up to 18% of the income you earned in the previous year, subject to an annual cap.

You can make RRSP contributions until December 31 of the year you turn 71. After that date, your RRSP must be converted into a Registered Retirement Income Fund (RRIF).

Contributions are deducted from your income for tax purposes.

The investment income from an RRSP is not taxable until withdrawal (ideally after retirement when your tax rate will be lower).

You can withdraw up to $25,000 tax-free to buy or build your first home, via the Home Buyers' Plan (HBP).

You can also withdraw funds from your RRSP to finance training/?p=14626 or education, under the Lifelong Learning Plan (LLP).

Learn to Take Advantage of the TFSA

Created in 2009, the Tax-Free Savings Account (TFSA) enables you to save and shelter your investment revenue from taxes, regardless of your annual income. Each year, you can make contributions within an annual limit (contribution room) established by the Government of Canada. This limit is set at $5,500 in 2018. These limits carry over each year. Thus, in 2018, a person who has never contributed to a TFSA could invest a maximum of $57,500 (or the sum of contribution limits since the TFSA was introduced).

Source: Canada Revenue Agency

To be eligible for the TFSA, you must be at least 18 years old, be a resident of Canada and have a valid Social Insurance Number. The investment income earned in your TFSA is not taxable, even if withdrawn from the account. However, it does not provide any tax benefits (unlike an RRSP).

The funds in a TFSA can be invested in a number of vehicles, from GICs to mutual funds.

Your financial planner can help!

A financial planner can help you understand Canadian investment products and solutions. Your financial planner will advise and support you in managing your finances, address your questions and concerns, and find the best solutions to power your ideas.

In addition to analyzing your financial situation, your advisor can offer you various services or direct you to the appropriate experts, as needed.

Choosing an advisor is a big decision; you want to be sure your finances are in good hands. Review the tips provided by the Autorité des marchés financiers to help you select a competent advisor.

Saving, A Basic Due Diligence

There are many reasons to put money aside: saving up for a trip, purchasing a home or preparing for retirement. Yet, even beyond these specific goals, saving is a means of being prepared. Saving allows us to shelter ourselves from the setbacks in life, to become more capable of helping those we love and to leave an inheritance to the next generation...

Find more tips and advice about integrating and immigrating to Canada by signing up for the National Bank's newsletter.

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Tips to Help You Make Your Money Grow in Canada

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From your first savings account to the disbursement of your retirement income, choose the investment vehicles that best suit your needs and your investor profile. Here are the different options available to help you invest intelligently.

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This is the official cra website which have articles for different saving plans for people in canada provided by the government of Canada. It have articles about the tax free saving account, a plan for retirement savings also a plan for education saving and savings for disables .
I read the Tax free savings account as that might be a lot help-full for me for savings as well as investments like bonds and shares .

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Some types of savings plans offer extra benefits: they avoid or defer some of the taxes you pay. They are generally called registered savings plans because they must be registered with the Canada Revenue Agency in order to qualify for tax benefits.

There are four main types of savings plans with tax benefits:

Tax-Free Savings Accounts (TFSAs) let you put money in a registered plan, and any income the plan earns is tax-free.

You can put up to $6,000 a year in a TFSA without paying tax on the earnings. If you did not contribute the maximum in previous years, you may be able to contribute more.

You can take money out of a TFSA and put it back again the next year, but some limitations do apply.

A TFSA does not affect money you receive from other government sources such as GST Credit or Old Age Security.

A TFSA can include most common types of investments; however, there are some restrictions. Returns may be guaranteed or they may not.

For details, go to the Canada Revenue Agency's information on The Tax-Free Savings Account.

Registered Retirement Savings Plans (RRSPs) let you put money into a registered plan and avoid paying taxes on the money you deposit, as well as any earnings it produces until you take it out of the plan.

When you put money into an RRSP, you can deduct that amount from your taxable income, so you don't have to pay income taxes on it until you take it out of the registered plan. You may pay lower taxes on the money in the plan when you take it out in the future, as most people enter a lower tax bracket after retirement.

An RRSP can include most common types of investment. Some plans are guaranteed by the government, like bank deposits. The returns may also be guaranteed by the financial institution. However, some types of investments can lose money, so you must find out how each investment works. For more information, see the Investing module.

The maximum amount you can put into an RRSP is 18 percent of your employment income, up to a limit. For example, the maximum limit for 2019 was $26,500. Your individual limit is listed on the Notice of Assessment that the Canada Revenue Agency sends you when you file your annual tax return. If you did not contribute the maximum in previous years, you may be able to contribute more.

RRSPs are designed to help you save money for your retirement. You can withdraw money temporarily for certain purposes, such as home buying and education. However, if you take your money out of the plan for any other reason before you retire, part of it will be withheld for taxes.

Money you receive from an RRSP may reduce the money you can receive from government income support programs. Discuss your retirement income plans with a financial adviser before you contribute to RRSPs.

For details, go to the Canada Revenue Agency's information on RRSPs and related plans.

During the first sixty days of the year, you can put money in your RRSP to get a tax deduction for the previous year. But don't wait until February. Make regular monthly contributions and your savings will start to grow sooner.

Registered Education Savings Plans (RESPs) let you put money into a registered plan to save for a child's education.

When a student continues school after high school, he or she can withdraw the money including any earnings.

Money in an RESP is eligible for grants from the Government of Canada and the province of Quebec.

There's no yearly limit to the amount you can put into an RESP, but you can't contribute more than $50,000 in a lifetime for a single person.

You may be able to take out the money you paid into an RESP tax-free, but you will have to move it into an RRSP or pay taxes on any income the RESP earns (and return any government grants).

Often a student will pay little or no income tax on the income that the plan earns.

For details, go to Employment and Social Development Canada's information on Registered Education Savings Plans.

Quebec also has a student savings plan. For information, go to:

Registered Disability Savings Plans (RDSPs) let you put money into a registered plan to support a person with a disability.

When someone with a disability needs money, he or she can withdraw the savings and any earnings they have produced.

Money in an RDSP is eligible for grants from the Government of Canada.

There's no yearly limit to the amount you can put into an RDSP, but you can't contribute more than $200,000 in a lifetime for a single person.

You can take out the money you paid into an RDSP tax-free, but you will have to pay taxes on any income the RDSP earns (and return any government grants).

Often a person with a disability will pay little or no income tax on the income that the plan earns.

For details, go to Employment and Social Development Canada's information on the Registered Disability Savings Plan.

Many conditions apply to registered savings plans. Be sure you understand them so you can decide if they are the best way for you to meet your savings goals. Find out what fees and conditions apply. Some key questions are:

Are there rules about how much I can save each year?

What are the conditions and the risks? For example, what happens if a child for whom I start an RESP does not go to post-secondary school?

When do I contribute?

Who will invest my money?

How fast will my money grow?

How much will this plan cost?

What happens if my plans change? For example, what happens if I need to take money out of the plan?

Will income from the plan affect my other sources of future income?

For more consumer tips, read Before you sign any contract: 10 things you need to know by the Financial Consumer Agency of Canada.

See the video, Saving with registered plans, for an introduction to savings.

Report a problem or mistake on this page

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Some types of savings plans offer extra benefits: they avoid or defer some of the taxes you pay. They are generally called registered savings plans because they must be registered with the Canada Revenue Agency in order to qualify for tax benefits.

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This article tells us about the GIC plans offered by different banks and saving agencies. this article tells us about the details of a gic savings and how it is a very low risk investment with mostly a high and fixed interest rate .
I like the articles question for a person wanting to invest and if this investment is right for him as I myself looking to invest in this savings.

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A GIC (guaranteed investment certificate) is a safe and secure investment with very little r…

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This website is a calculator which calculates different interests for different savings plans in banks and gives the return value for the year and also it compares the investment plans as to get the best one suited for you.
For me I can calculate and compare different saving plans to get the beat for me

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MoneySense's savings account calculator can help you find the best savings account rates for non-registered high-interest savings accounts and youth savings accounts, as well as Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs) available from major, independent and digital banks, as well as various credit unions.

This savings account calculator allows financially savvy Canadians to compare Canada's best savings accounts and the rates that are currently available in Canada.
Traditional savings accounts tend to offer lower interest rates, so using a high-interest savings account, either as an unregistered account, or within a TFSA or an RRSP, might be more suitable for your short-term or long-term saving goals.
Best Savings Account Finder

How to use the savings account calculator

You can simply scan the savings account comparison table above to view interest rates offered by financial institutions across Canada. You can also input your estimated account balance and compare the growth between high-interest savings accounts (HISA), Tax-Free Savings Accounts (TFSA), Registered Retirement Savings Plans (RRSP) and youth savings accounts.

This savings account calculator provides a first-year return based on the information you've keyed in and the interest rate available, which can help you find the best account for your financial needs.

The best high-interest, TFSA, and RRSP savings accounts in Canada

Below, you can find further details about each type of savings account, with various recommendations of the best accounts in each category.

The best high-interest savings accounts in Canada for 2020

While the rate offered may vary from account to account, you'll also want to consider other factors in your choice. For example, if you prefer to bank online, you won't miss the ability to make in-person transactions and can take advantage of the fact that banks without brick-and-mortar branches may offer higher rates. However, if having a live representative to help is important, then you'll want to consider accounts offered by institutions with physical branches.

Here are a few MoneySense selections for the best high-interest savings accounts in Canada:

Best high-interest savings account rate: LBC Digital High-Interest Savings Account

The best Tax-Free Savings Accounts (TFSAs) in Canada

A Tax-Free Savings Account ( TFSA) is a savings and investment account that promotes the tax-free growth of wealth. Although the word "savings' is in its name, a TFSA can hold a variety of savings and investments.

There are various types of TFSAs, which can hold cash savings as well as various of investments, such as exchange-traded funds ( ETFs), stocks, bonds, guaranteed investment certificates ( GICs), mutual funds and more. Cash savings and investments can grow tax-free and can be withdrawn at any time without an income tax penalty.

Some of the best TFSAs in Canada include:

Best TFSA interest rate: Alterna Bank TFSA eSavings Account *

Best regular TFSA interest rate from an online bank: motusbank TFSA Savings Account

Best TFSA GIC rate: Peoples Trust 1-year Tax-Free GIC

The best Registered Retirement Savings Plans (RRSPs) in Canada

A Registered Retirement Savings Plan ( RRSP) is an account sponsored by the government, which is designed to encourage Canadians to save long-term for their retirement. An RRSP savings account does not permit tax-free withdrawals but allows savings and investments to grow free of tax.

Like a TFSA, an RRSP can hold cash savings and investments. Either cash or investments can grow tax-free inside an RRSP.

Some of the best RRSP saving and investing accounts include:

Best RRSP for risk-averse investors: MAXA Financial RRSP Savings

Best RRSP for risk-averse investors: Peoples Trust 1-year Registered GIC

What is a savings account?

Traditional savings accounts provide interest on deposits, while investments held in registered savings accounts (TFSAs and RRSPs) provide returns.

While chequing accounts generally pay no interest, they make it easy for you to withdraw or pay bills from the account. On the other hand, savings accounts are designed to pay interest on your deposits, but offer little flexibility.

Depending on the type, savings accounts can be used towards short- or medium-term goals-such as a vacation or a new car-or, long-term goals-such as a property purchase or retirement.

How to choose the right savings account

Generally speaking, Canadian savings accounts of all kinds come with terms, conditions and rules set by the Canadian government.

However, some attributes are set by the bank or credit union offering the account, such monthly or annual fees; note that most savings accounts do not charge fees, but some do, especially those held with major providers

If possible, choose an account with an interest rate exceeding 2%. This allows your deposits to keep up with inflation, so your money has at least as much purchasing power when you take it out of the account as when you put it in.

It's important to know the terms and conditions of transactions, and limitations of the account. A general rule of thumb is that the higher the interest rate, the more limitations come with the account.

Consider your savings goal, too. As outlined below, you'll get the best results if you use an account designed for the time-frame of your savings goal: short-term, medium-term or long-term.

Which savings account should you use?

Savings accounts are bank accounts for the purpose of saving money. There are different types of savings accounts, and each type is best suited for different types of savings goals.

S ince opening a savings account (in most cases) does not cost a banking customer anything, it's often a good idea to hold some version of all three.

High-interest savings account (HISA)

A high-interest savings account is suitable for short-term or long-term investing if you've maxed your TFSA contribution limit for the year. You might consider saving in a HISA if you've maxed your RRSP contribution room for the year as well, and prefer not to risk your deposit principal.

High-interest savings accounts do not come with a contribution limit. Therefore, using one for a short term savings goal is a suitable option for Canadians who would like to earn more interest in a shorter amount of time, want a low-risk way to save and prefer to be able to access their deposits whenever they wish.

Interest earned in a HISA is subject to taxation.

Tax-Free Savings Account (TFSA)

TFSAs are suitable savings accounts for all Canadian citizens of the age of majority, as anyone can reap the rewards of earning tax-free interest with no withdrawal restrictions.

TFSAs have a contribution limit that increases with each new year. Unused room carriers forward, and starts accumulating at the age of 18 or 19, depending on the age of majority in the province where you live.

Registered Retirement Savings Plan (RRSP)

Retirement savings should be kept in an RRSP, in most cases. Ideally, you contribute to an RRSP at a higher income life stage, so that you can defer paying taxes on that income. In other words, making an RRSP contribution can saves you money on your annual income taxes. W hen you withdraw the money in retirement, you will likely be in a lower income life stage, and will therefore have to pay less tax on it.

RRSPs do not permit tax-free withdrawals, as high-interest savings accounts or TFSAs do, except through certain programs like the Home-Buyers' Plan (HBP) and the Lifelong Learning Plan (LLP).

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Compare the Best Savings Accounts in Canada 2020 | MoneySense

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MoneySense's savings account calculator can help you find the best savings account rates for non-registered high-interest savings accounts and youth savings accounts, as well as Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs) available from major, independent and digital banks, as well as various credit unions.

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This image show in a metaphorical way as a child saves money in jars for there different wishes we all should save some money for our retirement, house, vacation, college and other and should look around to find the best saving plans.

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This image shows us the different things we should look before investing in a savings plan. All of these factors affect the flexibility and the result of the saving plan.