Settlement

RESP

1. RESP is way to save money for your children’s post-secondary education.
2. The government will match your contributions by 20%.
3. You can open an RESP at any bank for child who is under 21.
4. The money which you save in RESP is tax free.
5. The maximum amount for an RESP is $50,000.
6. If you want to get money out of the plan you should pay tax for those money.

RRSP

1. RRSP is way to save money for your retirement.
2. You can open an RRSP at any bank if you are between 18 and 71 years old, you are a Canadian resident, and have an income.
3. You don't pay tax on the money you put into an RRSP account until you take the money out.
4. In April you get a tax refund for your RRSP contributions.
5. You can borrow from your RRSP for some of life's major milestones.
6. A spouse in a higher tax bracket can contribute to Spousal RRSP in the name of their spouse.