RRSP
Eligible RRSP contributions may generate a tax deduction. Growth is generally tax-deferred while funds remain in the plan, and withdrawals are generally taxable. Contribution room, current and future tax rates, employer plans and time horizon all matter.
TFSA
TFSA contributions are made with after-tax dollars. Eligible growth and withdrawals are generally tax-free, and withdrawn amounts are generally added back to contribution room in a future year, subject to applicable rules.
FHSA
For eligible first-time home buyers, an FHSA combines deductible contributions with qualifying tax-free withdrawals for a first home. Eligibility and contribution rules should be reviewed before opening or funding an account.
RESP
RESPs are designed for education savings and may qualify for government grants depending on eligibility and contribution history. Family circumstances, beneficiary age and withdrawal rules are important considerations.
Investment options within your plan
The account type and the investment held inside it are separate decisions. Depending on licensing, objectives and suitability, available investment options may include insurance-based investment contracts such as segregated funds. Features, guarantees, fees, legal treatment and suitability vary by contract and individual circumstances.
Which account should come first?
Start with your objective, tax situation and time horizon rather than choosing an account from a headline.
Explore My Savings Options