A REGISTERED RETIREMENT SAVINGS PLAN (RRSP)
A registered retirement savings plan (RRSP) is a powerful financial tool designed to help Canadians save for retirement while enjoying significant tax advantages. Contributions to an RRSP are tax-deductible, reducing your taxable income in the year you contribute, and the investments within the plan grow tax-free until withdrawal.
This allows your savings to compound more effectively over time. Start early, contribute regularly, and let your RRSP pave the way for a secure and comfortable retirement.
A REGISTERED RETIREMENT INCOME FUND (RRIF)
A registered retirement income fund (RRIF) is a flexible and tax-efficient way to turn your retirement savings into a steady income stream. Created from funds transferred out of a Registered Retirement Savings Plan (RRSP), a RRIF allows your investments to continue growing tax-deferred while providing you with annual withdrawals to support your retirement lifestyle.
Although minimum withdrawals are required each year, you have the freedom to withdraw more if needed. A RRIF is a cornerstone of retirement planning, offering both control and security as you transition from saving to enjoying the fruits of your hard work.
A TAX-FREE SAVINGS ACCOUNT (TFSA)
A tax-free savings account (TFSA) is a versatile and tax-efficient investment vehicle that allows Canadians to grow their savings without paying taxes on earnings or withdrawals. Contributions to a TFSA are not tax-deductible, but all income earned within the account—whether interest, dividends, or capital gains—grows tax-free.
Additionally, withdrawals are completely tax-free, providing unmatched flexibility for accessing your savings when needed. Whether you're saving for a major purchase, building an emergency fund, or planning for retirement, a TFSA is a key tool for financial growth and security.
A REGISTERED EDUCATION SAVINGS PLAN (RESP)
A registered education savings plan (RESP) is a tax-advantaged savings account designed to help Canadian families save for their children’s post-secondary education. Lower-income families may qualify for the Canada Learning Bond (CLB) for added support. When the funds are withdrawn for education, the growth and grants are taxed in the student's hands—often at a lower rate, maximizing the benefits. With flexible investment options, a RESP is a smart and efficient way to plan for your child’s academic future, ensuring they have the resources to pursue their dreams.
A FIRST HOME SAVING ACCOUNT (FHSA)
A First Home Savings Account (FHSA) is a Canadian government initiative designed to help individuals save for their first home. It allows Canadians to contribute up to $8,000 per year, with a lifetime contribution limit of $40,000.
The FHSA combines features of both a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA). Contributions are tax-deductible, reducing taxable income, while withdrawals to purchase a first home are tax-free, making it a powerful tool for first-time homebuyers looking to save efficiently.