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A registered education savings plan (French: Régimes enregistrés d’épargne-études, RESP) in Canada is an investment vehicle available to caregivers to save for their children's post-secondary education. [1] The principal advantages of RESPs are the access they provide to the Canada Education Savings Grant (CESG) and as a method of ...
Under the CESG program, the government will contribute an amount to a Registered Education Savings Plan (RESP) according to a formula which is dependent on the amount contributed and the income level of the family making the contributions. As of 1 July 2005, the CESG is legislated by the Canada Education Savings Act.
The Canada Disability Savings Grant matches personal contributions. The Canada Disability Savings Bond provides funding to RDSPs of people with low and moderate incomes. [1] [2] The RDSP is similar to a registered education savings plan. A person who establishes an RDSP can make contributions to the plan up to a lifetime limit of $200,000 for ...
A registered retirement income fund (RRIF, French: fonds enregistré de revenu de retraite, FERR) is a tax-deferred retirement plan under Canadian tax law. Individuals use an RRIF to generate income from the savings accumulated under their registered retirement savings plan. As with an RRSP, an RRIF account is registered with the Canada Revenue ...
The Canada Revenue Agency (CRA; French: Agence du revenu du Canada; ARC) is the revenue service of the Canadian federal government, and most provincial and territorial governments. The CRA collects taxes, administers tax law and policy, and delivers benefit programs and tax credits. [4] Legislation administered by the CRA includes the Income ...
Registered retirement savings plan. A registered retirement savings plan (RRSP) (French: régime enregistré d'épargne-retraite, REER), or retirement savings plan (RSP), is a type of financial account in Canada for holding savings and investment assets. RRSPs have various tax advantages compared to investing outside of tax-preferred accounts.
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