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The importance of saving
- For all your short-, medium- and long-term life goals, like travelling or buying your first home or dream car
- To enjoy a comfortable retirement or save for a rainy day fund
- To grow your money with peace of mind
Meet with a financial advisor to set up a savings plan based on your financial goals, your situation and your current and future needs.
Registered Retirement Savings Plan
RRSP
Registered Retirement Savings Plan
A registered retirement savings plan (RRSP) helps you save tax-free until you retire. By investing in an RRSP, you can also generate cashflow for your current needs through tax returns.
Benefits of an RRSP:
- Contributions and investment income are not taxed until they are withdrawn
- Contributions are tax deductible
- Unused contribution room can be carried forward
TFSA
Tax-Free Savings Account
A tax-free savings account (TFSA) helps you grow your savings tax-free. It’s the perfect tool to save for a project like a trip, a house purchase or a new car.
Benefits of a TFSA:
- Investment income grows tax-free
- Amounts can be withdrawn tax-free and redeposited in later years
- Unused contribution room can be carried forward
LIRA
Locked-In Retirement Account (LIRA)
A locked-in retirement account (LIRA) lets you transfer funds from your former employer’s pension plan to an individual plan so you can have control over your investments.
Benefits of a LIRA:
- Investment income grows tax-free
- Various investment options
Non-Registered Savings Plan
This flexible savings plan lets you set aside additional savings for your personal plans or for your retirement.
Benefits of a non-registered savings plan:
- Save for a life project or for retirement
- Continue investing after reaching maximum RRSP and TFSA contribution limits
- No limit on contributions
Compare our savings plans
| RRSP | TFSA | LIRA | Non-Registered Savings Plan |
|
|---|---|---|---|---|
| Eligible age | 18 | 18 | 18 | 18 |
| Age limit for contributions | 71 | 100 | 71 | 100 |
| Contribution limit | - | - | ||
| Tax-deductible contributions | - | - | - | |
| Savings grow tax-free | - | |||
| Taxable at withdrawal or year end? | Withdrawal | - | Withdrawal | Year end |
| Unused contribution room can be carried forward | - | - |
