Registered plans

You will see financial benefits when you open a savings plan that is registered with the Canadian government.

Your taxes can be deferred until a later date (and at a potentially lower rate), or your funds can be entirely sheltered from being taxed. With a non-registered investment account, you are required to pay taxes annually on income you earn from that account.

Tax-Free Savings Account (TFSA) 

If you are 19 years or older and hold a valid Social Insurance Number (SIN), you can open a tax-free savings account to help meet your financial goals. (You can also start accruing your TFSA contribution when you turn 18).

​Your savings will grow tax-free and you won’t pay taxes when you withdraw funds.

Benefits of a TFSA

1. Grow your money tax-free.
2. Pay no tax when you withdraw funds.
3. Save for short-term goals with flexibility.

Registered Retirement Savings Plan (RRSP)

Reduce your taxable income and grow your investments tax-free with an RRSP.  

Opening an RRSP is a good first step in preparing for your retirement.

Benefits of an RRSP

1. Defer taxes until your marginal tax rate is lower.
2. Save taxes by reducing your taxable income.
3. Take advantage of income splitting.

Registered Retirement Income Fund (RRIF)

You’ve worked hard and saved your money. It's time to transfer your savings to an RRIF and start enjoying your retirement.

A registered retirement income fund (RRIF) is a government-sponsored plan to which you can transfer your RRSP (or other government savings plans). Having an RRIF allows for tax-efficient growth of your savings and allows you to generate a predictable income stream during your retirement. It also allows you to continue to shelter your RRSP funds.

You can convert your RRSP to provide income at any time, but you’ll need to close or convert your RRSP no later than the year you turn 71.

When you are ready to convert your RRSP, you’ll have three basic options:

1. ​Withdraw your funds from the RRSP in a lump sum. It is important to note with this option the total amount of your RRSP will be included in your taxable income for the year.
2. Convert your RRSP to an annuity. An annuity provides a stream of income into the future.
3. Convert your RRSP to an RRIF. An RRIF provides tax-deferred growth. While it is similar to an RRSP, an RRIF requires that you withdraw a minimum amount each year.

Registered Education Savings Plan (RESP)

Investing in an RESP will help you pay for post-secondary education.

A registered education savings plan is a government-sponsored plan which helps you save for a child’s post-secondary education. An RESP has the benefit of tax-deferred growth and provincial and federal government grants to top up your savings. All you need to start an RESP is your child’s social insurance number. 

Start saving early to maximize your savings and get a head start on helping tackle the high costs of education.

Benefits of an RESP

1. Earn more by sheltering earnings on investments from taxes.
2. Save more with eligible government grants.
3. Choose this convenient way to start planning for your child’s—or grandchild’s—education.

Features of a RESP

Registered Disability Savings Plan (RDSP)

For those who are faced with the complex challenges of living with a disability, an RDSP can provide future security and peace of mind. 

A registered disability savings plan (RDSP) is a government-sponsored plan that allows Canadians with disabilities and their families to save on a tax-deferred basis. 

Choose a RDSP and have savings in place to meet your future medical and living costs. 

Benefits of an RDSP

• Save more with government grants and bonds that accelerate your savings.
• Earn more by sheltering earnings on investments from taxes.
• Have peace of mind knowing your loved ones will have future financial security.

Features of an RDSP

Buying your first home?

Get started with a First Home Savings Account (FHSA)

​Launching in Spring 2023, a First Home Savings Account is a new government registered plan and tax-free way to help you save for your first home. When you contribute up to $8,000 per year, the amount invested is tax-deductible, like a RRSP. This means you can reduce your yearly taxable income by the amount you contribute. Any money you earn on top of your investments will also be tax-free if you withdraw it to purchase a new home, like a TFSA.