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    Tax Free Savings Account (TFSA)

    A Tax Free Savings Account (TFSA) is a registered investment or savings account that allows for tax free gains. The amount of money that can be contributed to a TFSA is limited each year.  Contributions are made with after-tax dollars, which means withdrawals and interest earned is tax free! A TFSA is perfect for any savings goal. 

    TFSAs were first introduced by the Canadian government in 2009. They were designed by the Canada Revenue Agency to function as a registered investment account that can hold mutual funds, ETFs, bonds or cash savings, allowing for income-tax free gains. 

    TFSA Rules you Need to Know

    • If you withdraw money from a TFSA, the amount you take out is added to how much you can contribute the following year.
    • TFSA contribution room doesn’t disappear if you fail to contribute in any given year. It just rolls over into the next year so you’ll have an ever-expanding contribution limit. 
    • Don’t over-contribute; if you do you’ll be assessed a 1% penalty on the excess contribution every month until it’s withdrawn.
    • Understand TFSA contribution rules.  If you hope to replace money you withdraw from your TFSA, you’ll have to wait until the year following your withdrawal to earn that contribution room back. 

    To find out your available TFSA contribution room:

    Visit the CRA online

    Registered Retirement Savings Plan (RRSP)


    A Registered Retirement Savings Plan (RRSP) is an investment account that is registered with the Canada Revenue Agency (CRA) and allows you to save money on a tax-deferred basis until you retire – a tax-efficient way to build your retirement savings.

    The plan can hold a variety of investments allowing you to tailor a portfolio to fit you.

    RRSP Benefits  

    • contributions are tax deductible
    • tax sheltered until withdrawn, when typically the holder is in a lower tax bracket
    • you can convert your RRSP to get regular payments when you retire
    • pre-authorized contributions can help build your savings with minimal effort (this is a regular, scheduled withdrawal coming directly from your bank account)
    • you can borrow from your RRSP to buy your first home or pay for your education (conditions apply)
    • flexible investment options.  We can help you select the proper investment strategy 
    Learn more about RRSPs on the Government of Canada website

    Registered Retired Investment Fund (RRIF)


    At the age of 71, RRSPs convert into a Retirement Income Option.  One of the most popular choices for this is a Registered Retirement Income Fund (RRIF).  Funds remain tax sheltered in a RRIF and you’ll continue to control how they're invested. The only difference is that you can draw from these funds as income to live on.  Withdrawals are considered income, so taxes must be paid on them, but if you are retired, you'll be taxed at a much lower rate.

    Learn more about RRIFs on the Government of Canada website.

    Registered Education Savings Plan (RESP)


    Registered Education Savings Plan (or RESP) is an investment plan that helps parents, family and friends save for a child’s post-secondary education.

    RESPS Benefits

    • The Canada Education Savings Grant — up to a maximum grant of $500 per year and $7,200 lifetime per child. Depending on your family income, additional grants may also be available.
    • The Canada Learning Bond (CLB)—   Depended on family income you can receive an initial $500 payment, and installments of $100/year are paid until age 15, as long as the childs family continues to meet income tax thresholds.  The maximum CLB payable per child is $2,000
    • Ability to contribute up to $50,000 per beneficiary and no minimum contributions. 
    • Investment will grow tax-free until your child begins their post-secondary education and make withdrawals.
    • Earnings in your plan are tax-sheltered.  When withdrawn, those earnings are typically taxed in the hands of your child, who as a student, may pay little to no tax on them.
    • Savings in a RESP can be used for various education costs, not just tuition.  The money can be used towards books, living expenses, other course materials and more.  They are easily accessible when needed.
    • If your child decided to take a few years off before pursuing post-secondary education that’s okay.  You can keep your RESP open for up to 35 years.  If one child doesn’t pursue education, you can choose a new beneficiary. 

    Learn more about RESPS on the Government of Canada website

    All locked-in RSPs originate from Registered Pension Plans (RPP). RPPs are plans where funds are set aside by an employer, an employee, or both to provide a pension when the employee retires.

    Under pension laws, after a period of time (usually between two and five years after joining the plan), all money in the plan becomes fully vested in the employee. The employee has an unconditional entitlement to the money as and when any age or service requirements are met. 
    If you were a member of a Registered Pension Plan (RPP), your employment was terminated, and your plan was fully vested, the proceeds of that RPP would be considered 'locked-in'. These locked-in funds can only be transferred into certain 'Locked-in Plans' which include the following Locked-in RSPs (LI-RSP) and Locked-in Retirement Account (LIRA).

    A term deposit is a simple and secure investment:

    • Guarantees a set return over a fixed period 
    • Offers 30 days - 5 years investment term options
    • Benefits from compound interest
    • 100% guaranteed

    See our Current Rates for Investing