REVscene Automotive Forum - View Single Post - Port folio / rrsp question / first time buyer

Wetordry · 01-14-2010, 08:41 PM

1) top up your rrsp balance to $25k max (so you $25k, your wife $25k for a total of $50k)

http://www.cra-arc.gc.ca/tx/ndvdls/t.../menu-eng.html

-putting money into RRSP will bring down your taxes and potentially get you a refund

2) have you thought about RESP (for your kid)?

-put money into an RESP for your kid and receive grants from the government (max of $500 grant / year)

http://www.cra-arc.gc.ca/E/pub/tg/rc...2-e.html#P9_59
http://www.canlearn.ca/eng/saving/cesg/index.shtml

01-14-2010, 08:41 PM	#2
Wetordry RS controls my life! Join Date: Jan 2002 Posts: 713 Thanked 42 Times in 32 Posts Failed 5 Times in 5 Posts	1) top up your rrsp balance to $25k max (so you $25k, your wife $25k for a total of $50k) http://www.cra-arc.gc.ca/tx/ndvdls/t.../menu-eng.html -putting money into RRSP will bring down your taxes and potentially get you a refund 2) have you thought about RESP (for your kid)? -put money into an RESP for your kid and receive grants from the government (max of $500 grant / year) http://www.cra-arc.gc.ca/E/pub/tg/rc...2-e.html#P9_59 http://www.canlearn.ca/eng/saving/cesg/index.shtml Last edited by Wetordry; 01-14-2010 at 08:49 PM.