A TAX-SMART WAY TO INVEST AND SAVE
Everyone has different wants and needs for their future.
Our registered savings plan options can be part of the right financial plan for you.
TAX-FREE SAVINGS ACCOUNT (TFSA)
Any investment income and capital gains earned in a TFSA are not taxed and your savings can be withdrawn at any time and always tax-free.
- Government approved investment to help Canadians save money, tax-free
- Available to Canadians upon turning 18. Contribution room is cumulative.
- Offers flexibility and can be used for short-term and long-term savings goals.
- Withdrawals are non-taxable and can be made at any time without restrictions.
- Withdrawals will not affect Old Age Security, Canada Pension Plan or Guaranteed Income Supplement.
RETIREMENT SAVINGS PLAN (RRSP)
Your annual contributions are tax deductible and can reduce the amount of income tax you pay.
- Government approved investment to help Canadians save money for retirement.
- Contributions are not taxed until they are withdrawn, and savings grow tax-free.
- Unused contribution room can be carried forward and used for future years.
- Transfer your RRSP tax-free into an RRIF.
- Borrow up to $35,000 from your RRSP to be used for a down payment.
- Withdraw up to $10,000 per year from your RRSP to finance education expenses with the Lifelong Learning Plan.
EDUCATION SAVINGS PLAN (RESP)
Your earnings grow tax-free until your child enrolls in a qualifying post-secondary program.
- A lifetime limit of $50,000 per child can be contributed.
- The Canada Learning Bond is automatically paid into open RESP plans.
- Canada Education Savings Grant matches 20% of the first $2,500 deposit ($7,200 lifetime maximum).
- RESP funds can be withdrawn at any time while a child is attending school.
RETIREMENT INCOME FUND (RRIF)
You decide how much and how often to withdraw while the remaining savings continue to grow sheltered from the tax.
- Withdraw income during retirement after the age of 71.
- A minimum annual withdrawal is required but there is no maximum.
- Can be set up at any age (you don’t have to wait until 71), letting you defer tax while your money grows.
- Flexible payment options allow you to vary income based on your retirement needs.
DISABILITY SAVINGS PLAN (RDSP)
Save for long-term financial security with federal government grants and bonds and still keep your provincial disability benefits.
- Earnings accumulate tax-free.
- The Canada Disability Savings Bond is automatically paid into qualifying RDSP accounts if the beneficiary’s family income is less than $45,916.
- Maximum bond per year is $1,000 ($20,000 lifetime maximum; prorated).
- Additional grants and matching programs may be available.