Give your savings a clear purpose.

A registered education savings plan (RESP) is a financial vehicle that is specifically designed to build up savings for a child's post-secondary education.

The federal government permits the investment income from the RESP to grow tax sheltered as long as it is not withdrawn from the plan.

The basic Canada Education Savings Grant generally adds 20% on the first $2,500 of eligible annual contributions: up to $500 a year. Carry-forward and additional grant rules may apply. The lifetime CESG maximum is $7,200 per beneficiary.

Check current CESG rules with the CRA →

A registered disability savings plan (RDSP) is a saving plan that is intended to help parents and others to save for long-term for those who are eligible for the disability tax credit (DTC).

The maximum lifetime contribution is up to $200,000 with no annual contribution limit. Contributions are not tax-deductible and can be made until the end of the year in which the beneficiary turns 59. All earnings and growth increases on a tax-deferred basis.

The TFSA is a unique tax-free savings program that can help you:

• Accumulate saving to fund personal projects, Tax Free.
• Place income generated by investment returns(existing investments, investment income, inheritances, donations, etc.) in a tax shelter account.
• Maximize your savings with retirement in mind.
• All withdraws are tax-free.

Your available contribution room depends on annual limits, your eligibility, past contributions and withdrawals. Check your own records before contributing.

Check TFSA contribution room with the CRA →

A registered retirement savings plan (RRSP) is a flexible, attractive savings tool. In addition to reducing your tax bill, it enables you to accumulate wealth and fund your retirement.

New RRSP room is generally based on 18% of the previous year’s earned income, up to the annual limit, with adjustments such as pension adjustments. Check your CRA deduction limit and your own contribution records. Contributions into personal RRSP, spousal RRSP as well as group RRSP will count towards your annual limit. Any unused limit can be used in future years.

RRSP contributions are tax deductible. Both contributions and investment earnings are taxed upon withdrawal.

An Insured Annuity strategy may be considered by those who have entered into retirement or are approaching retirement. If you are cautious with your capital and prefer fixed-income investments, ask whether this strategy suits your needs. It consists of two separate, but complementary products, which are:

• A prescribed life annuity contract.
• An exempt permanent life insurance contract.

A registered retirement income fund (RRIF) allows an investor to convert his or her retirement savings into retirement income. By the end of the year you turn 71, your RRSP must mature: options include a transfer to a RRIF, purchasing an eligible annuity or withdrawing the funds. There is a minimum annual withdrawal required based on the value of the RRIF and the plan holder's age (or spouse's age) at the beginning of the year the withdrawal takes place. The payments made to you from your RRIF are taxable, but the investments in the RRIF continue to grow tax-deferred until they are withdrawn.

Review the CRA’s RRSP maturity options →