More Than Just

Boring Definitions

Are you over 18 and just starting to invest?
This is the best account for you.

A TFSA is a Tax-Free Savings Account. You can put many types of investments inside your TFSA; for example, Exchange-Traded Funds (ETFs), Guaranteed Investment Certificates (GICs), common shares, preferred shares, bonds, and yes, actual savings accounts.

Have you maxed out your TFSA?
An RRSP is a great place to invest additional earned income.

A Registered Retirement Savings Plan (RRSP) was originally developed to help people save for retirement. Similar to TFSAs, you can put ETFs, common shares, GICs and bonds in your RRSP.

If you have maxed out your TFSA and RRSP,
you need one of these accounts.

TFSAs, RRSPs and RESPs all have Federal Government rules about how much you can contribute and how much you can withdraw.

A non-registered account does not have to be "registered" with the Government. A non-registered account can be opened at the same place you opened your TFSA or RRSP.

Married or living common-law?
Read this.

A Spousal RRSP, like the name suggests, is a type of RRSP, and therefore is subject to the rules associated with regular RRSPs, plus some additional spousal RRSP rules.

A Spousal RRSP is most useful if one spouse earns significantly more than the other spouse, and that situation will be maintained for a considerable period of time.

If you have kids,
read this.

A Registered Education Savings Plan (RESP) is a great way to save for your child's education. An individual RESP is opened in the name of the child who will use the money from the account, and is non-transferable except to a sibling in the family.

Read this only if you can trust
the other person's name on this account 100%.

A joint account is simply an account with more than one owner. The account could be a bank account, brokerage account, or any similar account held jointly.

Married couples often have joint accounts, as do business partners. It gives people access to money, investments, without having to ask permission of a spouse or co-owner.

Read this if you are about to turn 71,
or want to learn what happens when you do.

A RRIF is Registered Retirement Income Fund. It's one of the options you can choose for your money when you are required to close your Registered Retirement Savings Plan (RRSP) at the age of 71. This account can also hold GICs, ETFs, stocks,  and bonds.

If you are under 18 and want to start investing, this is the account for you.

Your bank can open an Informal Trust Account. The account will be under your parent’s name informal in trust with your name, (the child’s name), instead of joint account. If your parents are keen to get your brothers and sisters involved, then they can open a separate account for each of your siblings.