Tax‑smart savings for retirement and education.
RRSPs and RESPs are tax‑advantaged ways to save for retirement and education. Varinder Randhawa (MDRT) helps families across the GTA and Ontario use these plans effectively—with clear guidance and practical strategy.
What Are Registered Savings Plans?
Registered savings plans are government‑registered accounts that offer tax benefits to encourage long‑term saving.
The two most common plans are:
Each plan supports a different goal, and both can play a key role in your financial future.
RRSP – Registered Retirement Savings Plan
An RRSP helps you save for retirement. Contributions are tax‑deductible, growth is tax‑deferred, and withdrawals are typically taxed later.
Key Benefits:
You can also access RRSP funds for specific programs, such as:
Tip: Consistent contributions help maximize long‑term growth.
RESP – Registered Education Savings Plan
An RESP helps you save for a child’s education. Contributions aren’t tax‑deductible, but growth is tax‑deferred and taxed in the student’s hands when withdrawn.
Key Benefits:
You can contribute up to $50,000 per child. If education plans change, options may include transferring to an RRSP (subject to rules).
Tip: Starting early helps maximize grant eligibility and growth time.
Why Choose Varinder Randhawa
Get guidance that’s clear, practical, and tailored to your goals:
Whether you’re planning retirement or education savings, the plan should be clear and realistic.