Registered Plans
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Tax-Free Savings Account (TFSA)
Overview
Saving just got a whole lot easier! The TFSA is a flexible, registered general-purpose savings vehicle that allows Canadians aged 18 and older to earn tax-free investment income towards their goals.
Note: the TFSA has an annual contribution limit. A tax applies to all contributions exceeding that limit.
Key Features
- Faster saving – Because a TFSA is tax-free, all investment income stays in your pocket.
- For any goal – Your TFSA isn’t tied to a specific goal, so you can use the funds anytime without repaying.
- Build contribution room – Unused contribution room can be carried forward to future years.
- Carry over withdrawals – Any withdrawal you make adds extra contribution room to the next year.
- No age limit – Unlike the RRSP, you can contribute to your TFSA as long as you like.
- Flexible investing options – Your TFSA can hold GICs, mutual funds* and more.
- Easy to contribute – simply transfer funds to your TFSA with online banking.
Registered Retirement Income Fund (RRIF)
Overview
An RRIF is a tax-deferred retirement plan used to generate income from the savings accumulated under your RRSP.
Key Features
- Still tax sheltered – Investments held in an RRIF grow tax-sheltered until withdrawn, just as with an RRSP.
- Control your withdrawals – You can manage the amount and frequency of your withdrawals, subject to the legislated minimum requirements.
- Flexible investing options – Your RRIF can hold GICs, mutual funds*, and more.
Registered Retirement Savings Plan (RRSP)
Overview
An RRSP is a registered investment account designed to help you save for your future retirement while reducing your tax bill today.
Key Features
- Reduce your tax – RRSP contributions reduce your taxable income, which is especially helpful during your peak earning years.
- Faster saving – Because your RRSP is tax-sheltered, income grows untouched until withdrawn.
- Contribute until age 71 – Make annual contributions until December 31 of the year you turn 71.
- Use a portion for your first home – With the Home Buyer’s Plan, as a first-time home buyer you may qualify to use your RRSP funds for your down payment. Speak to us to learn more.
- Flexible investing options – Your RRSP can hold GICs, the StellerVista accumulator, mutual funds* and more.
Registered Education Savings Plan (RESP)
Overview
An RESP is a special registered savings account that helps you, your family and friends set aside savings for your child’s post-secondary education – boosted by government grants!
Key Features
- Faster saving – Because your RESP is tax-sheltered, income grows untouched until withdrawn.
- Less tax when withdrawn – When your child withdraws funds for education, they’ll likely have little income and therefore pay less tax.
- Access government grants – The federal and provincial government offer grants to boost your savings. Speak to us to learn more.
- Anyone can contribute – Grandparents, aunties, uncles and even friends can add to your child’s savings. All you need to begin is the child’s Social Insurance Number.
Ready to put the power of tax-sheltered investing to work for your goals?
Get in touch! Our team will be happy to answer any questions and help you get set up.
Helpful Resources
Guaranteed Deposit Protection
The safest way to save money and earn a return, thanks to CUIDC insurance.
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Understanding Investments
Explore the different investment solutions you can use.
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*Mutual funds are offered through Qtrade Asset Management (a tradename of Credential Asset Management Inc). Mutual funds and other securities are offered through Qtrade Advisor, a division of Credential Qtrade Securities Inc. Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.
