Types of Registered Accounts

Registered accounts can be crucial for investors. These aren’t just ordinary savings or investment accounts – they offer something more enticing: tax advantages.

Given the variety of options available, it’s crucial for investors to understand the essence of each to strategize their investments effectively. Here’s a quick look at five of the most notable registered accounts.

RRSP (Registered Retirement Savings Plan)

A tax-deferred account designed for retirement savings, allowing contributions to reduce taxable income.

Spousal RRSPs

An account permitting higher earners to contribute for a spouse, facilitating income splitting in retirement.

LIRAs (Locked-In Retirement Accounts)

A tax-deferred retirement account for transferred company pension funds, with restricted withdrawals.

RESPs (Registered Education Savings Plans)

A tax-free growth account for education savings, where withdrawals are taxed to the student beneficiary.

TFSAs (Tax-Free Savings Accounts)

An account where contributions aren’t tax-deductible, but all growth and withdrawals are tax-free.

For more information on each of these great options, check out the video above.

The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.

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