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RESPs or Registered Education Savings Plans
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RESPs or Registered Education Savings Plans aren’t new but are worthy of a quick review with the recent changes in the Federal budget released March 2004.
An RESP is a registered plan where you contribute after-tax dollars and the government will provide a 20% match on the first $2,000 contributed annually. This matching is called the Canadian Education Savings Grant or CESG. The tax benefit comes down the road as income splitting, as withdrawals made by the student will be taxed in their hands, which should result in little or no tax payable. The budget in March 2004 made the following changes.
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Yard Sales and Investment Policy Statements
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Do you have an RRSP Optimization Strategy?
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It's hard to argue with the merits of Registered Retirement Savings Plans. They're one of the best tax breaks available to the average Canadian, and a great way to build retirement wealth. So why do most of us not contribute as much as we can each year to our RRSP? For many Canadians, the reason is simple. We don't have the money on hand to make that maximum contribution. So we contribute what we can, or ignore our RRSP all together.
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Identity Theft: How’s Your Credit Rating?
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You may have seen several TV ads by a major credit card company in the US, which depicts a victim of identity theft. Using a voiceover by the thief, the victim recounts the story by the thief and the spending spree they go on. Is the ad catchy and humorous? At first, yes until it sinks in a few moments later. It makes you stop and think, could this happen to me? Yes!
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