Finding the shortest and safest route to any of your dreams requires planning and only with a carefully thought out financial plan can you be sure to make the most of your resources and to protect against risks along the way. At Worby Wealth Management, Chris will do his best to help you achieve those dreams with a financial plan that is tailored to your specific needs and based on your individual situation.
Let TRUSTED REGINA's FINANCIAL ADVISOR Chris Worby from Worby Wealth Management help you live your dream!
Here Chris Shares his first Trusted Regina Tip
Are RESPs right for your family?
Simple answer – maybe. Retirement Education Savings Plan contributions receive a minimum 20% Canadian Education Savings Grant (CESG) match up until $2500/yr. Seems a no-brainer right?
But what about this: Registered Retirement Savings Plan (RRSP) contributions receive your marginal tax rate – probably 35% to 39% and as high as 44% - back in taxes. What if a person contributed $2500 to their RRSP, got their 35% back for a total of $875, then funded the RESP with that and got a resultant 20% back? The total money they would get invested out of $2500 is this:
$2500 – RRSP contribution
$875 – Tax refund @ 35%/RESP contribution
$175 – Canadian Education Savings Grant
$3550 Total funds invested out of an initial $2500 contribution.
So, is an RESP right for your family? Maybe – but we’d have to talk for me to say for sure.
Call Chris Worby at (306) 757-4747 ext 226 or on his Cell: (306) 737-2909. Check out his listing on the Regina Directory in the REGINA FINANCIAL SERVICES category . Chris is a Trusted REGINA FINANCIAL EXPERT