With better interest rates than a savings account, term deposits help you make the most of your money during the length of the term.
Investing in an RRSP is one of the smartest ways to not only save for your retirement, but to save on taxes. That can really mean more money now and more money later, and that’s a real win win.
When you need to start getting income from your RRSP, then it’s time for a RRIF. You’ll be able to minimize taxes by spreading your RRIF income over a number of years and the money that remains in your RRIF continues to grow tax-sheltered – just as it did in your RRSP.
A great option for growing savings or to save for a large expense, like a renovation. You can access your funds at any time and the interest you earn is tax-sheltered, so you get every dollar earned.
A government-approved plan to help you save for your child’s post-secondary education. All income earned in your RESP is sheltered from taxes until it’s withdrawn to pay for your child’s education, and the federal government offers a grant of up to $7,200 per child.