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Government Saving and Investment Plans

Once you establish your saving and investing goals, the next step is to work toward achieving them.

The Government of Canada encourages saving and investment toward specific goals, such as retirement and education. Several government plans offer tax benefits to Canadians. They let you avoid or delay some of the taxes you would otherwise pay. These include:

Registered Education Savings Plans (RESPs)
An RESP is an account registered with the federal government to help you save for a child’s post-secondary education.
Registered Retirement Savings Plans (RRSPs)
An RRSP helps you save for retirement. Contributions to your RRSP are tax-deductible. Your savings can grow tax-free until you withdraw the money.
Tax-Free Savings Accounts (TFSAs)
A TFSA is a savings account registered with the federal government. Contributions are not tax-deductible but anything you earn on money in the account will not be taxable.
Registered Disability Savings Plans (RDSPs)
RDSPs helps families save for long-term care of relatives with disabilities.
Pooled Registered Pension Plans (PRPPs)
Pooled registered pension plans are a new type of pension plan for Canadians.

These government-sponsored plans can hold a variety of savings and investment types. To find out more, speak to a financial planner or advisor.