Plan Types


A Registered Retirement Savings Plan (RRSP) is a government-approved plan through which you save money for your retirement years. Your RRSP investments are tax deductible, within limits, and the income earned is sheltered from taxation until withdrawn from your plan. You can have any number of retirement plans.

Learn more about RRSPs


A Registered Retirement Income Fund (RRIF) is similar to an RRSP except that you cannot make contributions, and you are required to withdraw a minimum amount each year. Your RRSPs are converted into a RRIF account once you decide to draw income or at age 71. The RRIF earns money from investment, just as your RRSP did while you were contributing to it, and the RRIF makes payments to you according to a formula selected by you in accordance with CRA’s requirements.

Learn more about RRIFs


A Registered Education Savings Plan (RESP) is a tax-deferred education savings vehicle by which the federal government allows a parent or grandparent to save money for a child’s post-secondary education.

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A registered disability savings plan (RDSP) is a savings plan that is intended to help parents and others save for the long-term financial security of a person who is eligible for the Disability Tax Credit. Click here for more details

Learn more about RDSPs


A Tax-Free Savings Account is a new way for residents of Canada to set money aside, tax-free, throughout their lifetimes. Contributions to a TFSA and the interest on money borrowed to invest in a TFSA are not tax deductible. The income generated in the TFSA is tax-free when withdrawn.

Learn more about TFSAs


New in 2023, the First Home Savings Account is a way to save for the purchase of a qualifying first home. Plan holders benefit from their contributions being tax deductible, tax free growth of contributed funds and withdrawals received tax-free.

Learn more about FHSAs

Individual Pension Plans (IPPs)

An IPP is a maximum defined benefit plan which provides contribution amounts in excess of the money purchase pension plan / RRSP contribution limit for people who satisfy certain age and earnings criteria. The plan has financial advantages over the RRSP-only alternative for high-income earners over certain age limit.

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Pension Plans

Pension plans can vary greatly in terms of their structure and the benefits they provide. The two most common types of pension plans are the defined benefit plan and the defined contribution (or money purchase) plan. Some employers offer a combination of the two types of plans – known as “hybrid” or plans.

Learn more about Pension Plans

Group RRSPs

A Group RRSP is simply a collection of individual RRSP’s where employees make contributions through regular payroll deductions on a pre-tax basis. Upon completing the application form and deciding how much you want to contribute, you employer deducts that amount from your pay in pre-tax dollars as permitted by Revenue Canada and forwards it to the financial organization selected by your employer as the administrator for the group plan. Your contribution is then deposited into your own personal RRSP at the financial organization and invested as you specify.

Learn more about Group RRSPs