RRSP helps you to save money for your retirement. If you’re under 71 years old and are employed or have a business income, you’re eligible to invest in RRSP. The annual contribution limit is 18% of your last year income. An RRSP offers multiple tax advantages as you can grow your money tax-free, as well as deduct all contributions from your taxable income to become eligible for a tax refund.

If you are 18 years or older, a TFSA is a unique savings account that allows you to grow your savings on a tax-free basis for a personal project. The TFSA is an incredibly flexible savings vehicle and lets you withdraw funds at any time, without a tax penalty.

An NRSP is like a personal savings account and allows you to save money for a project or to grow your retirement income. Non-Registered Savings Plans are usually used when you have reached your maximum RRSP and TFSA contribution limits. By investing in an NRSP, you get a higher return than on your bank account and have access to different investment funds.

If you are a parent in Canada and want to save for your children’s post-secondary education, a RESP is the perfect investment vehicle for you. With RESP, you can give your child a head start, as you have access to the Canada Education Savings Grant and can generate tax-deferred income.