RESP: What You Need to Know (and Why You Need One)

There are a lot of acronyms in the world of finance. If you are just starting to learn more about your own financial position and invest your money smarter, stronger and with a focus on the future, it can be overwhelming and confusing to keep up. Luckily, TSG Insurance is here to provide residents of Calgary, Medicine Hat and Brooks with guidance and advice when it comes to their personal finances. Alongside comprehensive insurance services, we offer financial planning assistance so that you can understand where and how your money will serve you best.

One acronym you don’t want to ignore when planning for your family is RESP. It stands for Registered Education Savings Plan and can make a huge difference in how your child is supported throughout their education. Read below to learn more about this popular and important investment option, or contact the team of dedicated professionals at TSG Insurance today to get answers to your questions.

Benefits of an RESP

An RESP makes it simple for you to regularly contribute to your child’s education fund. You’ll be able to start early and give your child the chance to focus more on studying and less on saving when the time comes for them to attend post-secondary school.

Here are just a few benefits of setting up an RESP for your child or children:

  • Government Contribution: The Canadian government will contribute up to $500 per year, per child through the Canada Education Savings Grant (CESG). You can take advantage of this perk until your child turns 17, so the sooner you set up your child’s account, the better.
  • Flexibility: RESP accounts offer many options. You can determine how much you want to withdraw and when you will take the money. The funds can be put towards any education-related expenses, from tuition to books or living expenses.
  • Tax Benefits: When used, the earnings and government contributions will be taxed to your child. As a student, that typically means very little taxes need to be paid. Additionally, the growth of the RESP is tax-sheltered as long as it remains in the plan.

Want to learn more about financial planning for you and your family’s future? TSG Insurance has a team of financial services experts who are eager to help. We can listen to your unique concerns and priorities and direct you towards the products, services, and investments that are best suited to you. Our team has over thirty years of experience providing residents of Alberta with insurance quotes and financial planning assistance. Get peace of mind that your money is going as far as possible with an RESP and other smart investments. Contact us to make an appointment, request a quote now, or call us to schedule your appointment.

Start financial planning for your children’s future today. Visit TSG Insurance in Calgary, Medicine Hat or Brooks or contact us online today with your questions. You can also give us a call toll-free at 800-830-9423.

Protect Yourself with TSG Insurance Services and Financial Planning

Insurance can be tough to pay for, but it is crucial for your peace of mind. At TSG Insurance, we understand that it can be challenging to pay for a product you hope you never have to use. Our years of experience protecting residents in Calgary, Medicine Hat and Brooks have also shown us that being uninsured presents a far more frustrating and, at times, devastating alternative. Don’t let the cost of insurance stop you from protecting your loved ones, belongings and self. Our financial planning and insurance experts can provide an insurance quote that suits your needs, lifestyle and budget. Rest assured knowing that you have the right protection at the right price.

Risks of Being Uninsured

Insurance should not be considered a ‘nice to have’ option. Especially for those who drive, travel, and own property. Insurance is a critical part of protecting your investments, health and family. Not sure what risks are posed by skipping out on an insurance policy?

Here are some of the risks you can avoid facing with insurance services in Alberta:

  • Auto Insurance: Driving without insurance poses unnecessary risks for you, other drivers and your vehicle. Due to the risks associated with driving, all drivers across Canada are required to have car insurance. If you should end up in an accident or get caught driving without insurance, you can expect hefty fines and a big hit to your bank account. Accident costs average at more than $3,000 – and that is just for minor “fender benders” where physical injury is avoided.
  • Home Insurance: Your property is a big investment and, usually, it protects and houses all your worldly belongings. Protect your home and its contents from burglary, natural disasters, and other unexpected troubles with home insurance. Without coverage, small leaks, a falling tree, or broken window could end up costing you a lot to repair. Lawsuits brought against you due to accident or injury on your property can also be offset with your home insurance policy.
  • Travel Insurance: There are few things scarier than being in a foreign place, in need of assistance, and not being able to receive it due to a lack of funds. Many Canadians opt out of travel insurance, citing confusion as a common excuse. Don’t be in this situation. While approaching your trip with optimism is important, thinking you are immune to theft, health troubles, or other troubles on the road is naïve. Protect yourself with travel insurance so you will be sure to remember your trip for the right reasons and keep it within a reasonable budget, no matter what happens.

Get a Free Insurance Quote from TSG Insurance

Avoid risk and get peace of mind with a comprehensive and affordable insurance policy from TSG Insurance. Our team has offered residents in Alberta financial planning assistance, reliable insurance coverage, and customized policies for more than 30 years. Our team is here to offer you friendly advice and insurance services to keep you protected from the unexpected. From health concerns to vehicle coverage and protecting your personal belongings, we can provide you with the perfect policy for your concerns.

Contact TSG Insurance today for a free insurance quote. We have teams in Calgary, Medicine Hat and Brooks who are here to answer your questions. Contact us online or call us toll-free at 800-830-9423 to make an appointment.

TSG Insurance Attends Charity Auction for the ACCHI

Many companies support local events and community organizations. At Thomson Schindle Green Insurance & Financial Services Ltd (TSG Insurance) we believe in the communities we insure and support. For the past 10 years, we have been big supporter of the Association of Canadian Custom Harvesters Inc (ACCHI).

While modesty normally dictates a simple nod to this level of community support, last December at the Lethbridge Coast Hotel during the Association of Canadian Custom Harvesters Annual Meeting and Convention something special happened that has been retold in the pages of The Cutter’s Edge – the Association of Canadian Custom Harvesters Magazine (May, 2016 / Issue 11 / pages 4 and 5) – that we feel is worthy of sharing.

Ken Schindle and Candace McDonald of TSG Insurance were covering the TSG display at the convention next to the CASE IH display that included a mini-replica CASE IH tractor destine for the auction block later that evening.

Five-year-old Chase Melby came to the ACCHI Convention with his dad Chris from Cochrane Alberta, meeting up with his grandparents Gerald and Noella Melby. Throughout the convention, Chase regularly visited the tractor, sat on it, drove it, and even crawled underneath it to examine it closer.

Throughout the day, Ken and Candace observed Chase visited the tractor quite often, and each time, they saw the gleam in his eyes. Though Ken and Candace had left by the time the auction started, they asked ACCHI Executive Member Shawn Thacker to bid on the tractor at the event and it was announced to Chase’s grandparents (Chase had also already returned home by that time) that the tractor was purchased for their grandson.

The result was a great moment. According to Chase’s grandfather, Chase was one happy little tractor owner when he got the news. In appreciation, Chase drew a picture of the tractor and sent it to TSG Insurance along with a thank you. The Melby family also publicly thanked TSG Insurance for their overwhelming generosity. At TSG Insurance, we’d also like to thank Ken and Candace and our team of professionals who support our community daily.

The next Association of Canadian Custom Harvesters Annual Meeting and Convention will be held in Saskatoon from November 30 to December 3, 2016.

Contact Our Insurance Brokers in Alberta

Thomson Schindle Green Insurance & Financial Services Ltd (TSG) is an independently operated insurance firm and the choice of thousands of Alberta residents. Take a look around our site to get a better idea of what we offer, and call us toll-free at 1.800.830.9423 or visit your local TSG office in Bassano, Brooks, Calgary, or Medicine Hat to speak with one of our insurance brokers today.

Farm Insurance in Alberta

Agriculture is big business in Alberta. Thomson Schindle Green Insurance & Financial Services Ltd is proud to offer the farm and ranch industry specialized products with the broadest coverage at the most competitive rates that simplifies the purchasing of insurance.

According to Alberta Agriculture and Forestry there are several different definitions of a farm depending on who the owner(s) will be interacting with: To be considered a farm for the Alberta Farm Fuel benefit the farm business must have $10,000 or more of gross annual farm production; For the municipality they will need to have the property in agricultural production for it to be taxed at the farm property tax rate; For income tax purposes the Canada Revenue Agency you are a farmer if you claim income from farming activity, as example.

When it comes to insuring your farm, the consideration should be equally as broad. In Alberta, many family farms, ranches, dairies, and other small farm businesses make up a vibrant and significant part of the economy. Significant loss of equipment, structures, crops or livestock can devastate the business and end generations of investment.

Agriculture has many unique aspects, but the brokers at Thomson Schindle Green Insurance & Financial Services Ltd thoroughly understand the business and can guide you to appropriate coverage. Here are some items to consider.

By far, the biggest mistake made by farm owners is failing to identify all operations that will take place on the farm or planning in advance for operations – crops, livestock, employees, equipment, and sales to public or wholesalers. Then there needs to be a consideration of who access the property – workers, visitors, children, and other family. There are vehicles, how equipment is used, leased or owned, and land and building uses to consider. You need to understand your liability and manage the risk on your farm.

Only by identifying all operations can the farm be properly insured. Endorsements and riders for certain operations are very affordable and provide excellent coverage for the risk. In addition to the basic farm policy, other types of insurance may be necessary or considered.

  • If you have employees other than family members, you will need workers’ compensation insurance.
  • Many farms now offer tours, petting zoos, seasonal events or allow the public to pick their own fruit or vegetables that may require a separate business policy.
  • Crop and livestock insurance protects the farmer from a loss from a seasonal disaster.
  • Health, life, and disability insurance will help maintain quality employees and provide family health coverage.

Contact our Alberta Insurance Brokers

Thomson Schindle Green Insurance & Financial Services Ltd is here to answer important planning questions for your farm and ranch insurance solutions in order to ease your mind.

Contact our team to get started, at 1-800-830-9423 for more information or visit one of our offices brokers in Calgary, Medicine Hat, Brooks and Bassano.

Financial Planning for Beginners

Starting out in today’s economically challenged world can seem overwhelming, but the principles of yesteryear still apply – plan early and plan with what you earn. At Thomson Schindle Green Insurance & Financial Services Ltd, our professionals provide comprehensive financial services along with insurance policies so you can move forward with confidence in preparing and planning for your financial future. To help you to begin for that future success, we offer this advice to help you get started.

The first step is to take a financial inventory – before you move forward, you need to know the numbers you are working with and how they add up: credit score, debt load, account balances, assets, and net worth today.

The next step is to define where you want to go, what success will look like for you. Make a list of your goals, the relative timeline and cost for each, and then prioritize from top to bottom.

A road map will take you to different places, a budget is your road map to financial success. Create a budget that works for you – a zero sum budget, a percentage budget, a cash only budget – ensuring your essential cost of living are met, including debt plus savings.

At the end of the day, beginner financial planning really comes down to a few basic common sense steps: strive to save at least 10 percent of your salary each year; and cutting back on your spending habits – television package, brand name consumer goods, and home/cell phone – in favour of less expensive options can really add up, especially if deposited into a retirement account.

Time is one thing you can’t buy back or renegotiate. The sooner you start, the greater your nest egg – or car, home, family, cottage or travel – will become a financial reality. There are a number of financial vehicles that can get you started. Paying off debt and saving for emergencies – roughly about six months of living expenses – provides a buffer. One that is established begin looking at long-term objectives like retirement savings, even as little as $50 per month would be ideal, depending on your budget.

Keep in mind those short and medium-term fund savings for your pursuit of the Canadian dream and don’t put too much pressure on the immediate – as a young professional, you have a lot of life to live between now and retirement.

Financial Planning in Alberta

Thomson Schindle Green Insurance & Financial Services Ltd has been helping build financial futures in Calgary, Medicine Hat, Brooks, and Bassano since 1985. Browse our website to learn more about our policies and services or call one of our professionals toll free at 1.800.830.9423 today.