RRSP,TFSA and RRIP Overview


    Tax-advantaged ways to save

    Saving money can be hard when there are so many demands on your paycheque. However, the government has designed a variety of programs to boost your savings through tax breaks and other incentives. While each program works differently, the objective is the same: to keep more of your money working for you.

    Types of tax-advantaged savings :


    • A registered retirement savings plan (RRSP) is a personal savings account that has special tax advantages.
    • Your contributions are tax deductible and taxes on any investment growth are deferred until withdrawn.
    • You’ll have more of your income available for your current needs, even while you’re saving for the future.


    • A tax-free savings account (TFSA) allows you to save money for any purpose, without paying taxes on the investment growth.
    • If you’re 18 or older, you can save up to $5,500 every year in a TFSA.
    • Your contributions will not be deductible for income tax purposes, but investment income, including capital gains, will not be taxed, even when withdrawn.


    • A registered education savings plan (RESP) is a tax-sheltered way to help you save for a child’s post-secondary education.
    • Parents, grandparents and friends can contribute to a lifetime total of $50,000 per child – and any investment growth is not taxed until it is withdrawn.
    • Automatic government grants can make your RESP grow even faster.