A Registered Education Savings Plan (RESP) is a special savings account registered with the Government of Canada to help you, your family or friends save early for your child’s education after high school. The federal government will add to your RESP savings with a Canada Education Savings Grant (CESG)

The federal government adds to your annual contributions to a set maximum CESG amount per beneficiary per calendar year (subject to a lifetime CESG maximum of $7,200). CESG amounts are paid directly into the RESP. Depending on your family net income, your child may also qualify for an additional Canada Learning Bond grant

• A Registered Reitrement Income Fund (RRIF) is registered with the Government of Canada and provides income during retirement. 
• Funds contributed are transferred from Reigstered Retirement Savings Plan (RRSP), Registered Pension Plan (RPP) or another RRIF
• A minimum payment from a RRIF account is required at least annually.  Payments can be established to meet your personal needs. 

• A Registered Retirement Savings Plan (RRSP) is a retirement savings account registered with the Government of Canada that allows you to defer or reduce income taxes payable. 
• Contributions are tax deductible and interest earned is tax sheltered
• Funds withdrawn are considered to be taxable income in that year
• Funds in an RRSP must be moved into a retirement income option by the end of year in which you reach age 71

• Interest is calculated on a daily basis and paid on the anniversary date for long term and matuirty date for short term.
•  All term deposits are redeemable prior to maturity with penalty
• Available in Short and Long Term Options

• Available to Canadian residents age 18 and older
• Contributions will not be tax deductible
• Contributions may only be made by the owner
• Income earned and capital gains under a TFSA will be tax sheltered
• Withdrawal of contributions and/or income will not be subject to tax
• Current maximum contribution limits are $6,500 annually
• Unused contribution room may be carried forward and contributed in a future year
• Withdrawals (capital and income) will increase the unused contribution room
• Unused contribution room will be reported on the annual CRA Notice of AssessmenT