Lyster Financial  Services
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We are a "fee only" financial planning service. We do not recommend nor sell specific investment vehicles such as mutual funds, bonds, stocks or trusts and we strongly advocate use of legal representation in the implementation of wills, inter vivos trusts, powers of attorney etc.
We will, with the information you provide, give you a comprehensive "snapshot" of where you are financially and, again, with the financial goals you've laid out, provide you with a plan of action in order that you may meet your goals.
 
                                                            

 
 
 
Registered Education Savings Plans
 
  Government Educational Grants

Open an RESP and the government(s) will also contribute.  All monies deposited in an RESP, although not tax deductible, grow tax-free.
The new RESP rules now allow for increased lifetime contributions of up to $50,000.00 from the previous limit of $42,000.00.
Also, with and under the new rules, the $4000.00 annual contribution limit no longer applies and you can contribute as much as you can afford (up to the
$50,000.00 lifetime limit) as quickly as you can.

 
 
 The Basic Canada Education Savings Grant

In 1998, the Government of Canada introduced the Canada Education Savings Grant under which the
Government contributed an additional 20% to the first $2000.00 invested each year. ($400.00 annually)
With the new rules effective 2007, this increased to 20% of the first $2,500 you contribute to an RESP each year. ($500.00) Although the maximum increased to $500 per year, the lifetime maximum of $7,200(initially predicated on $400.00 X 18 yrs.) did not increase. However the extra annual contribution limit allowable and the extra $100.00 per year in CESG contributions provide increased interest earnings potential each year and attainment of the maximum lifetime allowable more quickly, again increasing compounding.
If you can't take advantage of the full Grant in one year, you can carry it forward to future years, to a
maximum of $1000 per year.



The Additional Canada Education Savings Grant

Beneficiaries with family net incomes between $38,832 and $77,664 will receive 30% on the first $500 of contributions each year. Beneficiaries with family net incomes below $38,832 will receive 40% on the first $500 of contributions each year.

The Canada Learning Bond

To help low-income families start to save, the government now offers the Canada Learning Bond to families who receive the National Child Benefit
Supplement. (For 2006, families with net annual incomes of less than $36,378. This amount is updated every year.) Children born on or after January 1, 2004 will get an initial CLB grant of $500, and $100 for each year of eligibility until the child is 15 years old.

The Alberta Centennial Education Savings Grant

Any child born or adopted in Alberta on or after January 1, 2005 will get an initial ACES Grant of $500 when an RESP is set up, and $100 again at ages 8, 11 and 14.
 
Lifelong Learning Plan

Going back to school?
Also lets you take out up to
$20,000.00 from your RRSP's
for educational or training
courses for you or your spouse
with no tax consequences
however it must be repaid
within a maximum of 10 years.
Again, miss a year's
repayment and it must be
added to your income for the
year and becomes taxable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Tax Preparation
   electronic filing
   (pick up and delivery service)

  Tax Planning
   Financial Planning
    Retirement Planning
       Estate Planning
       Risk Management

 
 
 
Home Buyers Plan

First time home buyers can
take up to $25,000.00
out of their RRSP's without
paying withholding tax but
must repay it over a maximum
15 year period. Miss one
annual payment and the
required repayment amount for
the year is added to your
income and taxable.
 

 

 
CMHC Mortgage Calculator
 
 
 
First-Time Home Buyers'          
                 Tax Credit

The HBTC is a non-refundable
tax credit for certain
home buyers who acquire a
qualifying home.
You will qualify for the HBTC if:
you or your spouse or
common-law partner acquired a
qualifying home; and
you did not live in another
home owned by you or your
spouse or common-law partner
in the year of acquisition or in
any of the four preceding years.
The HBTC is calculated by
multiplying the lowest personal
income tax rate for the year
(15% in 2010) by $5,000.