Choose the investment account that works for you—whether you’re saving for retirement, a home renovation, or a rainy day. Take a look at our most common types of accounts or review more account options below.
Registered Education Savings Plan (RESP)
Looking to save for your child’s education? This one’s for you. An RESP is eligible for government grants and can be set up as an individual or family plan. Plus, your investment will grow tax-free until you need to withdraw funds.
Registered Retirement Income Fund (RRIF)
You can turn to a RRIF when you’re ready to start withdrawing retirement income from your RRSP. This also includes the option of a Spousal RRIF or PRIF (which stands for a Prescribed Retirement Income Fund).
Corporate and Non-Personal Accounts
Non-personal accounts are non-registered accounts. They’re set up in the name of an entity such as a business, non-profit organization, estate or formal trust.
Locked-in Registered Accounts (LIRA, LRSP, LRIF, LIF)
If you’ve left a company with a pension plan, that money can go into a locked-in account until you’re ready to tap into it during retirement. Which account you choose will depend on your province and preferences, but options include:
- Locked-in Retirement Account (LIRA)
- Locked-in Savings Plan (LRSP)
- Locked-in Retirement Income Fund (LRIF)
- Life Income Fund (LIF)