Registered savings plans

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

Promotion

Pre-TFSA promotion

Plan for your 2025 TFSA contribution today

Already contributed the maximum amount to your TFSA for 2024? Until December 31, 2024, invest your 2025 TFSA contribution in term savings and get a promotional rate of 4.15% 1 online or 4.00% at a caisse or branch.

At maturity on January 2, 2025 2 , your capital will be automatically transferred to your TFSA savings account.

Get this offer

Plans for every savings goal

TFSA

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

FHSA

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

RRSP

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)

RESP

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

RDSP

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

Plans that can be used with an RRSP

RRIF

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

HBP

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.

LLP

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

Other plans for your retirement income

LIRA

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

LIF

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

IPP

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

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.

FAQ

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.

This promotional offer applies only to non-redeemable online Term products available on AccèsD. Rates are subject to change without notice. Some terms and conditions apply. The pre-TFSA promotion may end at any time.

Upon maturity, the principal will be transferred to your Desjardins TFSA savings account and treated as a contribution for 2025, and the interest generated by your principal will be deposited in your non-registered Everyday Transaction Account and will be taxable. It's your responsibility to make sure that your contributions do not exceed your 2025 TFSA contribution room. A tax of 1% per month applies to excess contributions. To find out your TFSA contribution room, visit My Account at the Canada Revenue Agency (CRA). The unused TFSA contribution room provided by the CRA does not include contributions made during the current year. Your TFSA contribution room includes all TFSAs you hold, whether at Desjardins or another financial institution.