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Government Benefits and Programs

Here is a list of some of the government benefits and programs available for families and seniors.

Families and Children:

Education Savings

  • Canada Education Savings Plan – Money that the Government of Canada will add to your child’s savings in a registered education savings plan (RESP). Families in Alberta will receive additional grants if child was born in 2005 or later. The basic Canada Education Savings Grant will give you 20 per cent on every dollar of the first $2,500 you save in your child’s RESP each year. Depending on your net family income, you could receive an extra 10 per cent or 20 per cent on every dollar of the first $500 you save in your child’s RESP each year.
  • Canada Learning Bond – $500 is offered by the Government of Canada to help start saving now for your child’s education after high school. Plus, you child could get $100 every year until he or she turns 15 years old to a maximum of $2,000. There are low income eligibility requirements that must be met.

Savings Plans

  • Registered Retirement Savings Plan (RRSP) – is a retirement savings plan that you establish with a financial institution and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your taxable income. Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan.
    Click here for more information
    http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/rrsps-eng.html
  • Tax-Free Savings Account (TFSA) – A flexible, registered general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs. The TFSA complements existing registered savings plans like the RRSP and RESP. Canadian residents age 18 or older who has a social insurance number, can contribute up to $6,000 annually to a TFSA, beginning in 2008. Withdrawals from a TFSA are tax-free. Unused TFSA contribution room is carried forward and accumulates in future years.
    Click here for more information
    http://www.tfsa.gc.ca/thingstoknow-eng.html

For Seniors:

Click here for payment rates
http://www.servicecanada.gc.ca/eng/isp/pub/factsheets/rates.shtml

 

retirement planning 2 Government Benefits and Programs

Click here for the OAS premium rates
http://www.servicecanada.gc.ca/eng/isp/oas/oasrates.shtml

For more information on all Federal Government programs, please click here
http://www.servicecanada.gc.ca/eng/home.shtml

For a full list of all Federal and Provincial Government Benefits, please click here:
http://www.canadabenefits.gc.ca/f.1.2cl.3st@.jsp?lang=eng&geo=2&catid=11&searchallcats=52,53


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