Investment Types

Retirement Savings Plans (RSPs)

A Registered Retirement Savings Plan is a government approved plan through which you save money for your retirement years. Your contributions, within limits, are tax deductible, and the income earned is tax sheltered.

Retirement Income Funds (RIFs)

Once you've decided to convert your RSPs into Registered Retirement Income Funds, you'll start drawing on your retirement income. A RIF provides you with a regular stream of income, subject to a minimum annual withdrawal amount. Any interest you earn on your RIF will continue to grow, tax-sheltered, until it's withdrawn as income. You can use your RSP funds to purchase a RIF any time you want, but all of your RSP savings must be transferred into a retirement income option by December 31 of the year in which you turn 71.

Registered Education Savings Plans (RESPs)

A Registered Education Savings Plan is a government approved plan for the purpose of providing postsecondary education funding for a beneficiary. Income earned within the plan is not taxed until it's withdrawn.

Tax-Free Savings Accounts (TFSAs)

A Tax-Free Savings Account is a government approved account that allows taxpayers to earn investment income tax-free. Unlike an RSP or RESP, a TFSA can help you save for any purpose. Regardless of your age, there are no restrictions on the way the funds in the account are used. And you'll never be taxed on your investment income, even when withdrawn.