PARTICIPANT HANDBOOK Registered Retirement Savings Plans and Tax- Free Savings Accounts An Each One, Teach One: Financial Literacy workshop
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1 Registered Retirement Savings Plans and Tax- Free Savings Accounts An Each One, Teach One: Financial Literacy workshop EACH
2 Seven Cooperative Principles Key message: Cooperatives are owned by members and work for the members. Cooperatives are guided by the seven cooperative principles. Each of these principles are weaved into how we operate our financial cooperative. Cooperative Principle #5, Education, Training & Information is why this Each One, Teach One program is made available to the public. We truly believe that having the information, tools and resources supports a community along a spectrum of self reliance. Business model = community Key message: Our profits are shared in the community to benefit our neighbours. This Vancity business model illustrates that we take our members deposits and turns it into profits which are then shared back in the community. RRSPs and TFSAs 2
3 Our vision calls on us to measure success in terms of how we contribute to the well-being of our members and their communities not just financial well-being, but social and environmental well-being as well. Our business model illustrates how our goal is to create positive member and community impact, from how we make our money to how we spend and invest it. This way of doing business differentiates us from traditional financial institutions. By holding ourselves to higher standards, we are helping to build a wealthier future for all. Each One, Teach One financial literacy workshops in Canada Key message: Our program is going cross Canada. Thousands of Canadians will now have access to our financial literacy training. Each One, Teach One started in Metro Vancouver in 2008 and eight years later the program is shared with financial institutions in Alberta to deliver workshops in community. Starting Sept 2016, credit unions across Canada will start delivering in their own communities In Metro Vancouver and Victoria, we reach over 20,000 people annually. The program has reached Edmonton and we will continue reaching Canadians through the credit union network. 3 RRSPs and TFSAs
4 What to expect today Basic money skills are the foundation of a healthy and stable relationship with your money. What is financial literacy? Financial literacy is having the skills, knowledge and confidence to make good decisions with your money. In other words, it s understanding how money works in the world: how to earn it, manage it, save it, invest it, spend it and donate it. How to get the best results from the workshop Follow along, participate in all of the exercises and write in this handbook. Once you re back at home, take some time to go over your notes and highlight the areas you d like to take action on. Then take action! Use what you learn to help you achieve your financial goals. What we ll cover today The benefits of using RRSPs and TFSAs How to decide whether to invest in an RRSP, a TFSA or both The different kinds of RRSP and TFSA products (with no sales pitch!) Much more! What is one thing you hope to learn today? How could the information you learn today improve your life? RRSPs and TFSAs 4
5 Benefits of a Registered Retirement Savings Plan An RRSP is one of the best ways to save for retirement. Exercise An RRSP is an excellent way to save for retirement and have many additional benefits, too. If you would like to take advantage of these benefits, what more do you need to know? RRSP benefit I need to learn more about this An RRSP helps me save for retirement Since RRSP contributions are tax-deductible, I can pay lower taxes now One day I d like to buy a home and have money saved in my RRSP to take advantage of the Canadian Home Buyer s Plan One day I d like to get a post-secondary education and have money saved in my RRSP to take advantage of the Lifelong Learning Plan When my partner and I retire, I d like to make sure we re paying the lowest possible taxes on our RRSP withdrawals, and the Spousal Plan might make sense Is an RRSP right for you? Consult an advisor at your financial institution to get your questions answered. 5 RRSPs and TFSAs
6 Benefits of a Tax-Free Savings Account Like an RRSP, a TFSA has many benefits. Which ones are most appealing to you? Exercise Now that you ve had an opportunity to think about TFSAs and their many benefits, ask yourself which benefits best suit your financial future. To figure this out, complete the following sentences. Then circle the benefit that is the most important to you. 1. A TFSA is convenient, which means that A TFSA is flexible, which means that A TFSA is tax-efficient, which means that A TFSA is non-disruptive, which means that... Which benefit of the TFSA did you rank the highest? Why? Now, make an appointment with a representative at your financial institution to talk about how you can take advantage of a TFSA. RRSPs and TFSAs 6
7 Registered Retirement Savings Plan vs. Tax-Free Savings Account RRSPs and TFSAs have different benefits. Exercise Although TFSAs and RRSPs are both excellent ways to save money for the future, they have different benefits. To get a sense of which is better for you, write down your future financial goals in the first column. Then discuss your goals with your group and decide if saving with an RRSP or a TFSA would be the best option for each goal. Financial goal RRSP or TFSA? Why? I want to do post-secondary studies one day An RRSP is best because I can take advantage of the Lifelong Learning Plan For many people, having both an RRSP and a TFSA makes sense. The staff at your credit union or bank can help you set up savings accounts and advise you on how to meet your financial goals. 7 RRSPs and TFSAs
8 Useful resources This workshop is an introduction and may raise many new questions. The organizations listed here are a good place to go for answers. Useful websites Canada Revenue Agency RRSPs and TFSAs 8
9 Quiz True of false: One of the benefits of RRSPs is that contributions are tax-deductible, which means that making a contribution to your RRSP will lower your taxes now. What are two of the benefits of a Tax-Free Savings Account? What are two of the benefits of a Registered Retirement Savings Plan? Complete the following table to show the key differences between RRSPs and TFSAs. RRSP TFSA You will not pay taxes on the money you withdraw Withdrawals can be made at any time When you withdraw from this savings, the money is added to your income and taxed You can withdraw $ to buy a home Deposits are tax-deductible on your yearly tax filing. List two actions you are going to take within the next week related to RRSPs and TFSAs. What did you learn today that you are going to share with friends or family? 9 RRSPs and TFSAs
10 Definitions Financial institution staff sometimes forget they speak a special language. Never be too shy to ask, What does that mean? Bonds: A debt investment in which an investor loans money to an entity (typically corporate or governmental) which borrows the funds for a defined period of time at a variable or fixed interest rate. Bonds are used by companies, municipalities, states and sovereign governments to raise money and finance a variety of projects and activities. Owners of bonds are debtholders, or creditors, of the issuer. Compound interest: Interest that is added to the principal of a deposit or loan so that the added interest also earns interest from then on. Guaranteed investment certificate (GIC): A Canadian investment that offers a guaranteed rate of return over a fixed period of time, most commonly issued by trust companies or banks. Due to its low risk profile, the return is generally less than other investments such as stocks, bonds, or mutual funds. Mutual funds: An investment program funded by shareholders that trades in diversified holdings and is professionally managed. Registered Retirement Savings Plan (RRSP): A type of Canadian account for holding savings and investment assets. RRSPs have various tax advantages compared to investing outside of tax-preferred accounts. Stocks: The stock (also capital stock) of a corporation constitutes the equity stake of its owners. It represents the residual assets of the company that would be due to stockholders after discharge of all senior claims such as secured and unsecured debt. Stockholders' equity cannot be withdrawn from the company in a way that is intended to be detrimental to the company's creditors. Tax-Free Savings Account (TFSA): An account that provides tax benefits for saving in Canada. Investment income, including capital gains and dividends, earned in a TFSA is not taxed, even when withdrawn. Term deposit: A term deposit is a cash investment held at a financial institution bank, building society or credit union for an agreed rate of interest over a fixed amount of time, known as a term. RRSPs and TFSAs 10
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