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- Still tax sheltered – Investments held in an RRIF grow tax-sheltered until withdrawn, just as with an RRSP.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- Faster saving – Because your RRSP is tax-sheltered, income grows untouched until withdrawn.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
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Understanding Investments
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*Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Wealth Inc.
