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Account types: Registered and non-registered

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.

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TFSA

Tax-Free
Savings Account
Think of a TFSA as an investment “bucket.” You can add a mix of investment types, and your money grows tax-free. So if you earn $1,000 on your investment, it’s 100% yours to keep.

Great for:
Saving tax-free for any length of time and for various goals, such as saving for a home, retirement or a big purchase. No minimum balance
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RRSP

Registered Retirement
Savings Plan
An RRSP helps you save for the future, while enjoying tax benefits now. By contributing to your RRSP, you can lower your annual income tax bill and defer paying taxes until retirement.

Great for:
As the name suggests, saving for retirement. This one’s for the long haul and gives you a short-term tax break. $5000 minimum balance
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Cash or margin

Non-registered
investment account
Investments in a Cash account are flexible and can be taken out any time, while a Margin account lets you borrow money to help grow your portfolio.

Great for:
Active traders and anyone who’s maxed out their RRSP and TFSA.

$5000 minimum balance

What you can hold in investment accounts

When you join BMO InvestorLine, you’ll be asked which account type you’d like to open. Once you have your account, you can fill it with various investments, such as stocks, ETFs, mutual funds and more.

More account type options

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)