Different Financial Plans and Educational System in Canada
- I have learnt about different Financial planning plans in today's class like plans regarding Financial Plannig,Estate Plannig,Taxation Planning,Educational Planning,Retirement Planning and many more.We will go with options like OSAP,Self Savings Plan,Bank loan and RESP in terms of Educational Planning.A Registered Education Savings Plan or RESP is an investment vehicle used by parents to save for their children's Post Secondary education in canada.The principal advantages of RESPs are the access to the Canada Education Savings Grant (CESG) and a source of tax-deffered income.I have learnt About TFSA (Tax Free Savings Account).TheTax-Free Savings Account (TFSA) is a flexible,registered,general-purpose savings plan that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs.I have also learnt about the Registered Retirement Savings Plans (RRSP).An RRSP is a retirement savings plan in which we can establish and we register,and to which me or my spouse or common-law partner contribute.Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan,you generally have to pay tax when you receive payments from the plan.So its upon us to choose better planning option for us in different planning methods so that it will give us better results.
- As we also discussed about different stages of Education System in Canada:-
- Pre-Elementary Stage (Kindergarten)
- Elementary Stage
- High School
- College or University (Bachelors or Masters)
- Doctorate
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