When you open a Registered Retirement Savings Plan (“RRSP”), Registered Retirement Income Fund (“RRIF”), or Tax-free Savings Account (“TFSA”), the account opening documents typically include a place for a beneficiary designation. What is a beneficiary designation, and what are the consequences of designating or not designating a beneficiary? Beneficiary Designation Explained A beneficiary designation is […]
RESPs and TFSAs for US Citizens Living in Canada
Are TFSAs and RESPs US Tax Traps? The headlines tell us (Canadian residents over the age of 18) why we should contribute to a Tax Free Savings Account (TFSA) every year. They also tell us how to support a child’s future education by opening a Registered Education Savings Plan (RESP). As attractive as TFSAs and […]
