Difference between revisions of "How Can I Save on My Taxes?"
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===Registered Education Savings Plan (RESP)=== | ===Registered Education Savings Plan (RESP)=== | ||
A Registered Education Savings Plan (RESP) is a special savings <span class="noglossary">account</span> that helps you save for post-secondary education. You can open a RESP at a bank, credit union or investment company. The government does not tax this money while it is in your RESP. It can grow tax free. When the money pays for education, the money is taxed in the student’s name. Since many students have little or no other income, they can usually withdraw the money tax-free. | A Registered Education Savings Plan (RESP) is a special savings <span class="noglossary">account</span> that helps you save for post-secondary education. You can open a RESP at a bank, credit union or investment company. The government does not tax this money while it is in your RESP. It can grow tax-free. When the money pays for education, the money is taxed in the student’s name. Since many students have little or no other income, they can usually withdraw the money tax-free. | ||
===Tax Free Savings Account (TFSA) === | ===Tax Free Savings Account (TFSA) === | ||