Registered savings plans
Take advantage of tax benefits by contributing to a registered savings plan, whatever your goals may be.
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%
At maturity on January 2, 2025
Plans for every savings goal
Plans that can be used with an RRSP
Other plans for your retirement income
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 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.
When your savings are tax-sheltered, it means the generated income isn't taxed until it's withdrawn.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With some plans, such as the RRSP, your money is no longer "sheltered" from taxes when it's withdrawn.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.
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.