Investments

RESP - Registered Education Savings Plan

RESP is a tax-advantaged savings plan in Canada designed to help parents and guardians save for their children's post-secondary education. Contributions grow tax-free until withdrawal, and government grants can further boost savings.

RRSP - Registered Retirement Savings Plan

RRSP is a Canadian retirement savings account that allows individuals to save for retirement while benefiting from tax deductions. Contributions are tax-deferred, and investments grow tax-free until withdrawal, usually during retirement.

TFSA - Tax Free Savings Account

TFSA is a flexible Canadian savings account that allows tax-free growth of investments. Contributions are not tax-deductible, but any earnings, interest, or withdrawals within the account are not subject to taxation.

Segregated Funds

Segregated funds are investment products offered by insurance companies. They combine the benefits of mutual funds with insurance features, providing both potential investment growth and a level of principal protection, making them suitable for risk-averse investors.

FHSA - First Home Savings Account

The First Home Savings Account (FHSA) is a type of registered savings plan introduced by the federal government in 2022. An FHSA is designed to help you save for your first home, tax-free and help you reach your vision of owning a home faster.

Annual contributions are capped at $8,000 up to a $40,000 lifetime contribution limit.
A maximum of $8,000 unused contribution room can carry forward to the following year.
The account can stay open for a maximum 15 years or until the end of the year you turn 71