At each major milestone in your life, your financial needs and savings goals change. In order to support you through each one of them, we offer an RRSP, TFSA, RRIF and an investment account.
The RRSP (registered retirement savings plan) allows you to accumulate money while deferring the taxes payable on the amounts invested, thanks to the income deduction this savings vehicle entitles you to. The RRSP is advantageous, since at retirement your income is generally lower, so the amount of tax you will be required to pay will be too. The Spousal RRSP is also available for FlexiFonds products.
The TFSA (tax-free savings account) allows you to earn investment income tax-free. It is useful if you wish to save for a specific project, set aside an emergency fund or top up your retirement savings. This savings vehicle also comes with great flexibility. You can access your money at any time, depending on the savings product chosen, and withdrawals are not taxable.
The RRIF (registered retirement investment fund) is the logical extension of the RRSP. This savings vehicle means you can enjoy the money you accumulated throughout your life by converting it into retirement income. Note that it is possible to transfer a spousal RRSP to a spousal RRIF for FlexiFonds products.
Finally, the investment account is a non-registered savings vehicle that allows you to continue saving and growing your money, especially if you have contributed the maximum allowed to your RRSP and TFSA accounts.