Tax-advantaged ways to save

Saving money can be hard when there are so many demands on your paycheque. However, the government has designed a variety of programs to boost your savings through tax breaks and other incentives. While each program works differently, the objective is the same: to keep more of your money working for you.

Types of tax-advantaged savings :


  • A registered retirement savings plan (RRSP) is a personal savings account that has special tax advantages.
  • Your contributions are tax deductible and taxes on any investment growth are deferred until withdrawn.
  • You’ll have more of your income available for your current needs, even while you’re saving for the future.

Learn more about RRSPs


  • A tax-free savings account (TFSA) allows you to save money for any purpose, without paying taxes on the investment growth.
  • If you’re 18 or older, you can save up to $6,000 every year in a TFSA.
  • Your contributions will not be deductible for income tax purposes, but investment income, including capital gains, will not be taxed, even when withdrawn.

Learn more about TFSAs


  • A registered education savings plan (RESP) is a tax-sheltered way to help you save for a child's post-secondary education.
  • Parents, grandparents and friends can contribute to a lifetime total of $50,000 per child – and any investment growth is not taxed until it is withdrawn.
  • Automatic government grants can make your RESP grow even faster.

Learn more about RESPs

Invest in an RRSP, TFSA or RESP

  • Step 1
    Find an advisor

    An advisor’s job is to help you understand how different products – each with their own features and options – can best meet your individual needs. Talk to your advisor; if you don't have an advisor, find one you're comfortable working with. There’s no cost to talk to an advisor.

    Find an advisor

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    Tips on finding the right advisor

  • Step 2
    Meet with your advisor

    To get the most out of the meeting with your advisor, take some time beforehand to think carefully about what you want to achieve. To help your advisor recommend the right products for your needs, it will be helpful to gather some basic information about your income, assets and liabilities – including your savings, investment and pension plan statements.

  • Step 3
    Make your investment

    Your advisor will help you with any paperwork that’s required and ensure your money is transferred. Shortly after making your investment, you will receive a statement confirming the details of your account. Portfolio reviews may be done regularly to confirm your strategy and assess progress toward your goals.