Registered retirement savings plans (RRSPs)
A registered retirement savings plan (RRSP) is a personal savings account that lets you save for your retirement by deferring taxes on your investment earnings. You can keep more of your money invested to accelerate growth. RRSP contributions result in a tax deduction, reducing your annual income, and getting you a credit back from the government in tax already paid. You pay taxes on your investment income only after withdrawals are made.
Registered retirement income funds (RRIFs)
A Registered Retirement Income Fund (RRIF) is one of the most flexible and tax-effective ways of generating income in retirement. It’s an account registered with the federal government that gives you a steady income in retirement. With RRIF, you can liquidate some of your funds and still grow the rest of your investments tax-deferred.
Registered education savings plans (RESPs)
An RESP is a dedicated savings account designed to help you save for a child’s education after highschool. RESP funds can be invested in numerous ways, and come with government grants to boost your saving power. If you spend the funds on higher-education related tuition or expenses, investment gains in the account will not be subject to income taxes.
Tax-Free Savings Account (TFSA)
A tax-free savings account lets you save for any goal without paying taxes on the investment growth. Working with an experienced advisor, you can use TFSA as a smart way to save your money and see your savings grow tax-free.
