As the year comes to a close, our wealth management division wanted to remind you of a couple of key deadlines. Whether you, your child, or grandchild are saving for a first home or planning for their education expenses, we have strategies to help you make the most of your money.

First Home Savings Account (FHSA): Your Path to Homeownership

If you’re planning to purchase your first home, an FHSA offers great tax benefits:

• Tax Deductible Contributions: Reduce your 2024 taxes payable
• Tax-Free Growth: Build your savings efficiently with tax-free investment growth.
• Annual Contribution Limit: Contribute up to $8,000 annually, with unused room carried forward (up to $16,000 maximum in any year or $40,000 lifetime).

Ensure your contributions are received at our office by December 20th to maximize benefits for this year.

Registered Education Savings Plan (RESP): Give the Gift of Education

Planning for education is one of the best investments you can make for your loved ones:

• Tax Benefits: Investment growth in the account will eventually be taxed at the student’s low tax rate, when withdrawn for education purposes.  Your contributions are withdrawn tax-free.
• Government Grants: Receive up to $500 annually through the Canada Education Savings Grant (CESG), with a lifetime maximum of $7,200 per beneficiary.
• Flexible Contributions and Withdrawals: Contribute up to $50,000 per beneficiary. Funds can be used funds for tuition, books, and more.

To receive the CESG for 2024, make sure your RESP contribution is received by our office prior to December 20th.

How Can Protect Financial Help?

Our experienced advisors can assist with:

• Managing and optimizing your FHSA and RESP contributions.
• Transferring existing accounts to Protect Financial for tailored management.
• Providing strategic guidance to align these plans with your overall financial goals.

If you’re ready to act or have questions, please reply to this email or reach out directly and call (416) 291-3764. Let’s ensure you take full advantage of these powerful savings tools before year-end.

P.S. Education and homeownership are gifts that last a lifetime. Feel free to share this message with anyone who might benefit!