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Registered savings plans

Take advantage of tax benefits by contributing to a registered savings plan, whatever your goals may be.

Plans for every savings goal


Quick overview

A tax-free savings account (TFSA) lets you grow your savings tax-free for your goals.

Ideal for

  • Saving for your goals
  • Building an emergency fund
  • Topping up your retirement savings
Learn more about TFSA


Quick overview

A first home savings account (FHSA) lets you save tax-free for a down payment. 

Ideal for

  • Buying or building your first home
Learn more about FHSA


Quick overview

A registered retirement savings plan (RRSP) lets you reduce your taxable income so you pay less tax.

Ideal for

  • Saving for retirement
  • Buying a qualifying home (using the HBP)
  • Going back to school (using the LLP)
Learn more about RRSP


Quick overview

A registered education savings plan (RESP) lets you save tax-free for a child's post-secondary education. 

Ideal for

  • Helping with post-secondary education costs for a child
  • Getting government grants
Learn more about RESP


Quick overview

A registered disability savings plan (RDSP) lets you save tax-free for someone with a disability.

Ideal for

  • Ensuring financial security for someone with a disability
  • Getting government grants
Learn more about RDSP

Plans that can be used with an RRSP


A registered retirement income fund (RRIF) converts some or all of your RRSP funds into retirement income.
Learn more about RRIF


The Home Buyers' Plan (HBP) is a program that lets you make a tax-free withdrawal from your RRSP to buy or build a home.
Learn more about HBP


The Lifelong Learning Plan (LLP) is a program that lets you make a tax-free withdrawal from your RRSP to go back to school.
Learn more about LLP

Compare plans

Learn about the features of different plans to maximize your savings and meet your goals.

Other plans for your retirement income


A locked-in retirement account (LIRA) lets you earn interest tax-free on your funds from your former employer’s pension plan.
Learn more about LIRA


A life income fund (LIF) lets you transfer your money in a LIRA or LRSP for your retirement income.
Learn more about LIF


An individual pension plan (IPP) offers guaranteed retirement income and higher contributions for employees of a company who are also shareholders.
Learn more about IPP

Saving vs investing: What is the difference?

When you open a savings plan, you have to also choose the investments you hold in it. You could think of a savings plan as a basket that contains one or several investments. The savings plan's tax benefits extend to the investments within it.

Say you open a TFSA to save money. You could choose to invest some of your money in a TFSA Savings Account and some in a mutual fund to benefit from a variety of investments.


Registered vs non-registered plans: What is the difference?

Registered plans offer numerous tax benefits. For example, you can get government grants through certain registered plans, and you can use others to go back to school or buy a home.

If your savings plans aren't registered with the government, they're considered non-registered. Non-registered plans have no tax benefits or grants available and the investment income in them is taxed. However, you can still save money with them and there's no contribution limit.

Need help choosing? Contact your advisor to come up with a savings strategy for you.

What does tax-sheltered mean?

When your savings are tax-sheltered, it means the generated income isn't taxed until it's withdrawn. Because you don't pay taxes every year on your investment income, it continues to grow over time.

With some plans, such as the RRSP, your money is no longer "sheltered" from taxes when it's withdrawn. Withdrawals are tax-free with other plans, like the TFSA.

What is a tax-deductible contribution? 

When a contribution is tax-deductible, it means that the amount is deducted from your annual income, which reduces your taxable income for that year or a future year. Depending on your situation, you might also get a tax refund and even increase your government benefits that are based on income.

For example, if your annual income is $50,000 and you contribute $4,000 to an RRSP one year, your taxable income for that year is $46,000.