Choose a tax-type for your investments based on what matters to you

Registered retirement savings plan (RRSP)

Shelter your retirement savings from taxes

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Start early—you can open an RRSP at any age if you earn an income and file a tax return

Set up regular contributions

Catch up to your personal contribution limit

Registered education savings plan (RESP)

Save for education

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Start early—you can open an RESP as soon as a child has a social insurance number

Set up regular contributions

Maximize CESG grants by contributing $2,500 each year, up to the maximum Canada Education Savings Grant (CESG) of $7,200 for each child, available up to the end of the year that the child turns 17 (there are eligibility restrictions in the year a child is turning 16 and 17)

Tax-free savings account (TFSA)

Reach your investment goals faster

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Pay no tax on the growth of your investments, withdrawals or when your TFSA passes to your heirs

Open a TFSA at age 18

Catch up by contributing up to your maximum if you haven’t opened a TFSA yet; your contribution room carries forward when you don’t use it

Registered retirement income fund (RRIF)

Retirement income and tax-deferred investment growth

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Set up a stream of retirement income

Shelter your investment growth from taxes

Keep your RRSP money in your RRIF tax-exempt until withdrawn

Withdraw extra cash as you need it, with no maximum withdrawal limit per year

Locked-in retirement account (LIRA)

Tax-sheltered investment growth for your pension funds

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Any growth will continue to be tax free while in the plan

Control your investments—you decide how you invest your money

Name a beneficiary to receive your money after you're gone

Life income fund (LIF)

Retirement income and tax-sheltered investment growth

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Transfer your locked-in funds from a pension plan (if allowed), locked-in RRSP or Locked-In Retirement Account to a LIF that has some similarities to a Registered Retirement Income Fund (RRIF)

Control your investments—you decide how you invest your money

Control your income—choose the right income payment frequency for you

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