[et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” background_enable_color=”off” background_image=”https:\/\/ekfinancial.ca\/wp-content\/uploads\/2022\/10\/cash-flow-hero-1.jpg” min_height=”300px” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” header_font=”|||||on|||” header_text_color=”#A3842F” global_colors_info=”{}”]<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” min_height=”626.2px” custom_margin=”0px||0px||false|false” custom_padding=”0px||0px||false|false” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ make_equal=”on” _builder_version=”4.19.2″ _module_preset=”default” width=”100%” max_width=”2560px” min_height=”573.2px” custom_padding=”0px||0px|||” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” background_image=”https:\/\/ekfinancial.ca\/wp-content\/uploads\/2022\/10\/oink1.jpg” background_position=”top_center” custom_padding_tablet=”100px||100px||false|false” custom_padding_phone=”100px||100px||false|false” custom_padding_last_edited=”on|desktop” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” background_color=”#eeeeee” custom_padding=”80px|150px|60px|60px|false|false” custom_padding_tablet=”|60px|||false|false” custom_padding_phone=”50px|40px||40px|false|false” custom_padding_last_edited=”on|desktop” global_colors_info=”{}”][et_pb_image src=”https:\/\/ekfinancial.ca\/wp-content\/uploads\/2022\/09\/EK-Financial-Final-300×96.png” title_text=”EK-Financial-Final” align=”center” _builder_version=”4.16″ _module_preset=”default” custom_padding=”||10px||false|false” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.16″ _module_preset=”default” header_3_font_size=”26px” header_5_font_size=”20px” custom_padding=”0px|||||” global_colors_info=”{}”]<\/p>\n
Saving for the future is the cornerstone of financial planning. There is a wealth of different types of products on the market and the first step starts with identifying your reasons for saving. We may have different purposes, be it saving for a house, your child’s future education or for your retirement. We can support you in choosing the most appropriate savings and investment option for your situation.<\/span><\/p>\n <\/p>\n <\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/ekfinancial.ca\/contact\/” url_new_window=”on” button_text=”BOOK A MEETING” _builder_version=”4.16″ _module_preset=”default” background_layout=”dark” custom_margin=”20px||||false|false” custom_padding=”7px||||false|false” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ make_equal=”on” _builder_version=”4.19.2″ _module_preset=”default” width=”100%” max_width=”2560px” min_height=”573.2px” custom_margin=”0px||0px||false|false” custom_padding=”0px||0px||false|false” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” background_color=”#eeeeee” background_enable_image=”off” background_position=”top_center” custom_padding_tablet=”100px||100px||false|false” custom_padding_phone=”100px||100px||false|false” custom_padding_last_edited=”on|desktop” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n <\/p>\n <\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.16″ _module_preset=”default” header_3_font_size=”26px” header_5_font_size=”20px” custom_margin=”|50px||50px|false|false” custom_padding=”|50px||50px|false|false” global_colors_info=”{}”]<\/p>\n Time<\/span> + Amount Saved<\/span> + Your Return<\/span> = Your Result<\/span><\/strong><\/p>\n Lack of one requires overcompensation by the other two.<\/strong><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n [\/et_pb_text][et_pb_accordion _builder_version=”4.19.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_accordion_item title=”Tax-Free Savings Account (TFSA)” open=”on” open_toggle_text_color=”#A3842F” closed_toggle_text_color=”#061E2F” icon_color=”#A3842F” toggle_icon=”P||divi||400″ use_icon_font_size=”on” icon_font_size=”20px” _builder_version=”4.19.2″ _module_preset=”default” custom_margin=”|35px||35px|false|false” global_colors_info=”{}” toggle_text_color=”#061E2F” toggle_font=”|||on|||||” closed_toggle_font=”|||on|||||”]<\/p>\n The Tax-Free Savings Account (TFSA) is often misunderstood. You can purchase guaranteed products or market based funds within your TFSA. It is not strictly a savings account with minimal interest earned. It can be used for short, medium or longer term purposes. The money you contribute is after tax dollars and that money, along with any growth, is tax free when withdrawn.\u00a0<\/span><\/p>\n [\/et_pb_accordion_item][et_pb_accordion_item title=”Registered Retirement Savings Plan (RRSP)” open_toggle_text_color=”#A3842F” closed_toggle_text_color=”#061E2F” icon_color=”#A3842F” toggle_icon=”P||divi||400″ use_icon_font_size=”on” icon_font_size=”20px” _builder_version=”4.19.2″ _module_preset=”default” custom_margin=”|35px||35px|false|false” global_colors_info=”{}” toggle_text_color=”#061E2F” toggle_font=”|||on|||||” closed_toggle_font=”|||on|||||” open=”off”]<\/p>\n A Registered Retirement Savings Plan (RRSP) is an account that benefits from tax-deferred growth. In addition, the contributions to your RRSP are tax-deductible, which typically reduces your income tax. Should you withdraw from your RRSP, you are taxed at your marginal tax rate. You must convert your RRSP to a RRIF by end of the year in which you turn 71.<\/span><\/p>\n [\/et_pb_accordion_item][et_pb_accordion_item title=”Registered Retirement Income Fund (RRIF)” open_toggle_text_color=”#A3842F” closed_toggle_text_color=”#061E2F” icon_color=”#A3842F” toggle_icon=”P||divi||400″ use_icon_font_size=”on” icon_font_size=”20px” _builder_version=”4.19.2″ _module_preset=”default” custom_margin=”|35px||35px|false|false” global_colors_info=”{}” toggle_text_color=”#061E2F” toggle_font=”|||on|||||” closed_toggle_font=”|||on|||||” open=”off”]<\/p>\n Registered Retirement Income Fund (RRIF) allows you to continue the investments in your RRSP on a tax-sheltered basis while you withdraw income. There is a minimum withdrawal required each year and the income withdrawn is taxable. You have the option to withdraw more than the minimum.\u00a0<\/span><\/p>\n [\/et_pb_accordion_item][et_pb_accordion_item title=”Registered Education Savings Plan (RESP)” open_toggle_text_color=”#A3842F” closed_toggle_text_color=”#061E2F” icon_color=”#A3842F” toggle_icon=”P||divi||400″ use_icon_font_size=”on” icon_font_size=”20px” _builder_version=”4.19.2″ _module_preset=”default” custom_margin=”|35px||35px|false|false” global_colors_info=”{}” toggle_text_color=”#061E2F” toggle_font=”|||on|||||” closed_toggle_font=”|||on|||||” open=”off”]<\/p>\n A Registered Education Savings Plan (RESP) is an investment account used to save for a child’s education. The money inside the account grows tax-deferred and taxed at the child\u2019s tax rate when attending full or part-time studies after high school. The significant benefit is the government adds money to the RESP; the Canada Education Savings Grant (CESG) the Canada Learning Bond (CLB). Conditions apply. The BC government offers an additional grant, the British Columbia Training & Education Savings Grant (BCTESG).<\/span><\/p>\n [\/et_pb_accordion_item][et_pb_accordion_item title=”Locked-In Retirement Account (LIRA)” open_toggle_text_color=”#A3842F” closed_toggle_text_color=”#061E2F” icon_color=”#A3842F” toggle_icon=”P||divi||400″ use_icon_font_size=”on” icon_font_size=”20px” _builder_version=”4.19.2″ _module_preset=”default” custom_margin=”|35px||35px|false|false” global_colors_info=”{}” toggle_text_color=”#061E2F” toggle_font=”|||on|||||” closed_toggle_font=”|||on|||||” open=”off”]<\/p>\n A Locked-In Retirement Account (LIRA) is money that has been moved from a pension and is also regulated by provincial pension legislation which does not allow withdrawals. A LIRA must be converted to either a Life Income Fund (LIF) or an Annuity by the end of the year in which you turn 71. The LIF and Annuity are taxable when payments are received.\u00a0<\/span><\/p>\n [\/et_pb_accordion_item][\/et_pb_accordion][et_pb_button button_url=”https:\/\/ekfinancial.ca\/contact\/” url_new_window=”on” button_text=”BOOK A MEETING” button_alignment=”left” _builder_version=”4.16″ _module_preset=”default” background_layout=”dark” custom_margin=”20px|50px|50px|50px|false|false” custom_padding=”7px|50px||50px|false|false” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” background_color=”#eeeeee” background_image=”https:\/\/ekfinancial.ca\/wp-content\/uploads\/2022\/10\/save.jpg” background_position=”center_right” custom_padding=”80px|150px|60px|60px|false|false” custom_padding_tablet=”|60px|||false|false” custom_padding_phone=”50px|40px||40px|false|false” custom_padding_last_edited=”on|desktop” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ make_equal=”on” _builder_version=”4.19.2″ _module_preset=”default” width=”100%” max_width=”2560px” min_height=”573.2px” custom_padding=”0px||0px|||” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” background_image=”https:\/\/ekfinancial.ca\/wp-content\/uploads\/2022\/10\/oink1.jpg” background_position=”top_center” custom_padding_tablet=”100px||100px||false|false” custom_padding_phone=”100px||100px||false|false” custom_padding_last_edited=”on|desktop” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” background_color=”#eeeeee” custom_padding=”80px|150px|60px|60px|false|false” custom_padding_tablet=”|60px|||false|false” custom_padding_phone=”50px|40px||40px|false|false” custom_padding_last_edited=”on|desktop” global_colors_info=”{}”][et_pb_image src=”https:\/\/ekfinancial.ca\/wp-content\/uploads\/2022\/09\/EK-Financial-Final-300×96.png” title_text=”EK-Financial-Final” align=”center” _builder_version=”4.19.2″ _module_preset=”default” custom_padding=”||10px||false|false” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.16″ _module_preset=”default” header_3_font_size=”26px” header_5_font_size=”20px” custom_padding=”0px|||||” global_colors_info=”{}”]<\/p>\n Other Types of Savings Plans:\u00a0<\/b><\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.19.2″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n A Non-Registered Account and a High Interest Savings Account (HISA) provide the ability to put money away. Growth is taxable depending on how it was received.\u00a0<\/span><\/p>\n It is common for individuals to have a Savings Account, often through a bank, although insurance companies also offer Savings Accounts with the same ability to bypass probate. A High Interest Savings Account is a great place to keep money used for your emergency fund.\u00a0<\/span><\/p>\n Segregated funds<\/b><\/span><\/p>\n Segregated funds are investments and savings offered through an insurance company. Unlike other investments, benefits paid from a segregated fund contract bypass your estate upon death. Proceeds are paid directly to your beneficiaries without being subject to the estate administration\/probate process and associated fees.\u00a0 Although there is an insurance component there is no need to qualify for the death benefit guarantees, as there is with personal insurance coverages.\u00a0<\/span><\/p>\n You can choose either a 75% or 100% guarantee of your initial investment, less withdrawals, which will be guaranteed upon the maturation of your contract or in the event of your death. Some segregated fund contracts offer income guaranteed for life.\u00a0<\/span><\/p>\n Insurance companies offer both High Interest Savings Accounts and ETFs, which provide guarantees and the benefits of bypassing probate.\u00a0<\/span><\/p>\n <\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/ekfinancial.ca\/contact\/” url_new_window=”on” button_text=”BOOK A MEETING” _builder_version=”4.16″ _module_preset=”default” background_layout=”dark” custom_margin=”20px||||false|false” custom_padding=”7px||||false|false” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”3_5,2_5″ use_custom_gutter=”on” gutter_width=”1″ make_equal=”on” disabled_on=”on|on|on” _builder_version=”4.16″ _module_preset=”default” background_enable_image=”off” background_position=”center_left” width=”100%” max_width=”2560px” min_height=”573.2px” custom_margin=”0px||||false|false” custom_padding=”0px||0px||false|false” disabled=”on” global_colors_info=”{}”][et_pb_column type=”3_5″ _builder_version=”4.16″ _module_preset=”default” background_image=”https:\/\/ekfinancial.ca\/wp-content\/uploads\/2022\/10\/doc3.jpg” background_position=”center_left” custom_padding_tablet=”100px||100px||false|false” custom_padding_phone=”100px||100px||false|false” custom_padding_last_edited=”on|desktop” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”2_5″ _builder_version=”4.16″ _module_preset=”default” background_color=”#eeeeee” custom_padding=”80px|150px|60px|60px|false|false” custom_padding_tablet=”|60px|||false|false” custom_padding_phone=”50px|40px||40px|false|false” custom_padding_last_edited=”on|desktop” global_colors_info=”{}”][et_pb_image src=”https:\/\/ekfinancial.ca\/wp-content\/uploads\/2022\/09\/EK-Financial-Final-300×96.png” title_text=”EK-Financial-Final” align=”center” _builder_version=”4.16″ _module_preset=”default” custom_padding=”||10px||false|false” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.16″ _module_preset=”default” header_3_font_size=”26px” custom_padding=”0px|||||” global_colors_info=”{}”]<\/p>\n If you do not have group benefits through your employer you may want to consider the implications of medical and dental expenses for you and your family. There are numerous options available to you based on you and your family\u2019s needs.<\/p>\n If you are leaving a group benefit plan you will want to look at options for an individual plan that covers your pre-existing conditions.<\/p>\n If you are a business owner you may want a review of your group benefits, or to put a benefit plan in place. We are able to provide options that suit your business and your employees. If you are incorporated you may also want to consider a Health Spending Account.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/ekfinancial.ca\/contact\/” url_new_window=”on” button_text=”BOOK A MEETING” _builder_version=”4.16″ _module_preset=”default” background_layout=”dark” custom_margin=”20px||||false|false” custom_padding=”7px||||false|false” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_row disabled_on=”on|on|on” _builder_version=”4.16″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” header_3_font_size=”25px” global_colors_info=”{}”]<\/p>\n We have aligned with a portfolio manager as a referral partner that offers<\/span><\/p>\n low cost customized ETF (exchange-traded fund) portfolios with a paperless digital onboarding process. Their innovative wealth technology, focus on long-term goals, low minimums, and transparency can help you save more for your future. You determine your risk tolerance and they provide portfolios using various third-party ETFs to fit your need.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ disabled_on=”on|on|on” _builder_version=”4.16″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” border_width_right=”2px” border_color_right=”RGBA(0,0,0,0)” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n Segregated Funds are investments offered through a Life Insurance Company. Unlike other investments, benefits paid from a segregated fund contract can bypass your estate upon death. Proceeds can be paid directly to your beneficiaries without being subject to the estate administration\/probate process and associated fees. This allows you to leave a legacy to your heirs quickly, privately and cost-effectively.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n Manulife Bank is a virtual bank that offers services remotely via online and mobile banking. Services such as a high-interest savings account are used for short-term goals, and mortgages, including the all-in-one Manulife One.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}” disabled_on=”on|on|on” disabled=”on”][et_pb_column type=”4_4″ _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ _builder_version=”4.19.0″ _module_preset=”default” custom_padding=”7px|||||” global_colors_info=”{}” disabled_on=”on|on|on” disabled=”on”][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.19.0″ _module_preset=”default” custom_padding=”45px|15px|45px|15px|false|false” box_shadow_style=”preset1″ box_shadow_color=”#A3842F” global_colors_info=”{}”][et_pb_image src=”https:\/\/ekfinancial.ca\/wp-content\/uploads\/2022\/11\/manulifeBank.jpg” title_text=”manulifeBank” align=”center” _builder_version=”4.16″ _module_preset=”default” custom_margin=”-40px||-52px|||” global_colors_info=”{}”][\/et_pb_image][et_pb_button button_url=”https:\/\/client.manulifebank.com\/edo\/#\/productCatalogue\/BANK_ID=MNL&LANG_ID=001&REF_ID=638744″ url_new_window=”on” button_text=”Apply Now” button_alignment=”center” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.19.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.19.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.2″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n We can help you determine which savings and investment vehicles will help you reach your wealth planning goals.\u00a0<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text disabled_on=”on|on|on” _builder_version=”4.16″ _module_preset=”default” disabled=”on” global_colors_info=”{}”]<\/p>\n A Guaranteed Interest Account (GIA) is similar to a GIC which guards against market volatility by providing security of principle with a guaranteed rate of return.\u00a0<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Wealth Planning Saving for the future is the cornerstone of financial planning. There is a wealth of different types of products on the market and the first step starts with identifying your reasons for saving. We may have different purposes, be it saving for a house, your child’s future education or for your retirement. We […]<\/p>\n","protected":false},"author":7,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"yoast_head":"\nTypes of Tax-Advantaged Savings and Investment Plans:<\/b>
<\/b><\/span><\/h3>\n\n
Remember:<\/h5>\n<\/div>\n<\/div>\n
\n
<\/ul>\n<\/div>\n<\/div>\n<\/div>\n
Health & Dental Benefits<\/h2>\n<\/div>\n<\/div>\n<\/div>\n
<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n
Modern Portfolio Management<\/h3>\n<\/div>\n<\/div>\n<\/div>\n
Segregated Funds<\/h5>\n<\/div>\n<\/div>\n
Manulife Bank<\/h5>\n<\/div>\n<\/div>\n
Financial planning recommends having 3 to 6 months of your annual household income saved for emergencies. We recommend a high interest savings, with full access and low fees, such as the Manulife Bank Advantage Account. The account combines the liquidity of a traditional chequing account with the interest of a short term GIC or money market fund.\u00a0<\/span><\/strong><\/h4>\n
You can start saving now:\u00a0<\/span><\/strong><\/h3>\n
Guaranteed Interest Account (GIA)<\/h5>\n<\/div>\n<\/div>\n