A registered retirement savings plan (RRSP) is a personal savings account that comes fully equipped with tax benefits. RRSPs are such a great tool for saving money since all of your contributions are tax deductible, and because the taxes on any investment growth are delayed until you take money out. A registered retirement savings plan can also have a number of qualifying investments, including treasury bills, mutual funds, and much more.
RESP a registered education savings plan (RESP) is a great option to consider when saving for a child, or grandchild’s post-secondary schooling. There are two different types of RESP available: a family plan, which allows people to name more than one beneficiary, and a specified plan, which allows for one beneficiary.
A tax-free savings account (TFSA) is a flexible investment account that is designed to help you save money. With it, you can save up to $5,500 a year without having to pay taxes on the investment growth. Having a TSFA is perfect for saving for both long term and short term goals as you get tax-free earnings, tax-free withdrawals, and the ability to put back any money you take out.
A guaranteed investment certificate (GIC) is an investment that guarantees you 100% of the original amount that you invested. They stand as one of the safest investments that you can make as you are receiving a guaranteed amount of interest for a guaranteed amount of time.
High Interest Savings account
A high interest savings account offers a higher interest rate than what is available with a regular savings account. The account has no minimum or monthly fees, free fund transfers and convenient access.