The Tax-Free Savings Account (TFSA) is a registered savings account enabling taxpayers to earn investment income tax-free. Contributions aren’t tax-deductible, and withdrawals, including contributions and earnings, remain exempt from taxation.
Registered Education Savings Plans (RESPs) are tax-advantaged accounts designed to grow funds tax-free until a child pursues higher education. Withdrawals, usually made by the student at a lower tax rate, facilitate educational expenses.
A Registered Retirement Savings Plan (RRSP) is a government-registered retirement account allowing you, your spouse, or common-law partner to contribute until the year-end, providing a tax-advantaged way to save for retirement.
Established in 2011, the Registered Disability Savings Plan (RDSP) is accessible to eligible Canadians with the disability tax credit. It provides substantial benefits, serving as a savings plan for long-term financial security.
Borrowing money to invest in an RRSP presents various advantages, including an immediate tax refund. This strategy provides potential long-term growth and financial benefits beyond the initial investment.
Leveraged investing involves borrowing money to fund an investment, leveraging capital to potentially amplify returns. Understanding this concept is essential for those exploring strategic financial maneuvers and risk management.
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