An RESP is a powerful way to save for your child’s or grandchild’s post-secondary education. Parents, grandparents and friends can contribute money any time to an RESP – up to a lifetime total of $50,000 per child. These contributions are not tax deductible, but any investment income that’s earned within the plan isn’t taxed until it’s withdrawn.

In addition to tax-deferred growth, the federal government will also automatically contribute a Canada Education Savings Grant (CESG) of 20% of what you put in, up to $500 per year – to a lifetime maximum of $7,200 for each child. If your family income is low, you can receive an even higher amount.

A registered retirement income fund (RRIF) is a great way to use your RRSP savings to generate retirement income while continuing to have taxes deferred on your investment growth.  

In many ways, a RRIF works like an RRSP in reverse: Instead of putting money in, you take an income out.  You do have to make a minimum withdrawal every year.  What’s more, a RRIF keeps you in control of how your money is invested

A life income fund (LIF) or locked-in retirement income fund (LRIF, RLIF, PRIF) is like a RRIF, but is for money that originally came from a pension plan. The funds are held in either a locked-in retirement account (LIRA) or a locked-in RRSP and then converted to a LIF.

A tax-free savings account lets you save up to $6,000/year¹ for any purpose without paying taxes on the investment growth. Whether you’ll need those savings in a few years or well into the future, a TFSA is a smart way to save your money and see your savings grow tax-free.

GICs are one of the safest and simplest investments you can make. GIC rates are guaranteed for a fixed period of time