Tax-free savings account (TFSA): An account that allows you to save money for virtually anything. Any investment income earned on the saved money is tax-free.
Registered retirement savings plan (RRSP): An account that allows you to save and invest for retirement. Money that is deposited or invested into an RRSP won’t be taxed until it is withdrawn.
Registered education savings plan (RESP): An account that allows you to save and invest for your child’s post-secondary education. Income from an RESP is taxable when it is withdrawn, however, most people do not pay tax on the funds because they are in the lowest tax bracket while in school.
Registered disability savings plan (RDSP): An account that allows you to save and invest to support a person with a disability. Money withdrawn from an RDSP is normally tax-free, however, you do need to pay taxes on income that the RDSP earns.
Негізгі бет Types of savings plans in canada
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