Maximize Your Savings: Compare RRSP, TFSA, FHSA, LIRA and More
Whether you’re preparing for retirement, saving for a dream home, or creating an emergency fund, our diverse savings plans can help you reach your financial goals. Explore the benefits of RRSPs, TFSAs, FHSAs, and other accounts tailored to your unique needs.
Our Saving Plans :
1.RRSP (Registered Retirement Savings Plan)
- Key Benefit: Save for retirement while lowering your taxable income.
- Contributions reduce your annual taxable income, offering immediate tax benefits while allowing your savings to grow tax-free.
2.TFSA (Tax-Free Savings Account)
-
- Key Benefit: Tax-free growth for your savings.
- Ideal for both short- and long-term goals like home purchases, vacations, or emergency funds, your contributions and earnings are never taxed upon withdrawal.
3.FHSA (Tax-Free First Home Savings Account)
- Key Benefit: Save for your first home with the tax advantages of both RRSP and TFSA.
- Deduct contributions from taxable income and earn tax-free returns, designed specifically for first-time homebuyers.
4.IPP (Individual Pension Plan)
Key Benefit: A tailored retirement plan for business owners and executives.
Maximize retirement savings with defined benefits and reduce taxes, perfect for those looking to optimize retirement income.
5.LIRA (Locked-In Retirement Account)
- Key Benefit: Manage your pension from a previous employer.
- Transfer funds from a former employer’s pension plan to secure your retirement, maintaining control over your savings.
6.Non-Registered Savings Plan
- Key Benefit: Additional savings beyond contribution limits.
- Once you’ve maximized your RRSP and TFSA contributions, invest more towards your personal or retirement goals with this flexible option.
How to Open a Savings Plan:
- New to financial planning? Connect with a financial security advisor to discuss the best options for you.
- Already have an advisor? Simply reach out to open or manage your account.
Compare Our Plans:
| Plan | Tax-Deductible | Tax-Free Growth | Contribution Limit | Ideal For |
|---|---|---|---|---|
| RRSP | Yes | Yes | Up to limit | Retirement Savings |
| TFSA | No | Yes | Up to limit | Short/Long-Term Savings |
| FHSA | Yes | Yes | Up to limit | First-Time Homebuyers |
| LIRA | No | Yes | Locked-in until retirement | Pension Transfers |
| Non-Registered | No | No | No Limit | Extra Savings Beyond RRSP/TFSA |
FAQs
1. What is the difference between an RRSP and a TFSA?
An RRSP allows you to deduct contributions from your taxable income, reducing your taxes now, while a TFSA gives you tax-free growth and withdrawals.
2. Who should open a FHSA (First Home Savings Account)?
The FHSA is designed for first-time homebuyers who want to save for a down payment while enjoying both tax-deductible contributions and tax-free growth.
3. Can I have both an RRSP and a TFSA?
Yes. Many Canadians use both accounts to maximize savings — RRSP for long-term retirement and TFSA for flexible short- or medium-term goals.
4. What happens if I over-contribute to my RRSP or TFSA?
Over-contributions may result in penalties. It’s important to stay within annual contribution limits set by the CRA.
5. How do I transfer my pension into a LIRA?
If you leave a job with a pension plan, you may transfer those funds into a LIRA to keep them locked-in until retirement.
6. Is a Non-Registered Savings Plan a good option?
Yes, if you have already maximized your RRSP and TFSA contributions, a non-registered plan provides flexibility without contribution limits.
7. Do I need a financial advisor to open these accounts?
While you can open some accounts directly, consulting a financial advisor helps ensure you choose the right plan for your goals.
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