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- A Registered Retirement Savings Plan lets you build tax-deferred retirement savings.
- As a Canadian government regulated program, RRSPs have special tax benefits.
- Your annual RRSP contribution can greatly reduce the amount of income tax you pay in that year and the money you put away can have years of tax-deferred growth potential.
- You only pay tax on the amounts you withdraw.
- RRIF – Registered Retirement Income Fund
- LRIF – Locked-in Retirement Funds
- LLIF – Locked-in Life Income Fund
Various non-registered savings are available:
- Segregated fund which can give you the growth potential of investment funds with the security of insurance guarantees.
- Guaranteed Investment Certificates (GICs) can provided safe and flexible investment options.
Tax Free Savings Accounts (TFSA)
- A Tax-Free Savings Account is a new way for residents of Canada to set money aside, tax-free, throughout their lifetimes. Contributions to a TFSA and the interest on money borrowed to invest in a TFSA are not tax deductible.
- The income generated in the TFSA is tax-free when withdrawn.
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Education Saving (RESP)
- As education costs continue to rise an RESP can help maximize your savings for your child. That means all your money starts working hard toward your savings goals right away.
- For 2007 and later years, there is no annual limit for contributions and the lifetime limit on the amounts that can be contributed to all RESPs for a beneficiary is $50,000.