Registered Investments Explained

Registered investment and savings plans consist of Registered Retirement Savings Plans, Registered Retirement Income Funds, Tax Free Savings Accounts, Registered Education Savings Plans and Locked-In Registered Plans including Life Income Funds, Locked-In Retirement Accounts, Life Income Funds and Locked-in Registered Income Funds.

RRSPs are one of the most popular forms of registered investments. Contributions to RRSPs are tax deductible and reduce an individualís taxable income.

Most RRSPs are converted into RRIFs in the calendar year the plan owner turns 71 years of age. RRIFs provide plan holders with income on a monthly, quarterly, semi-annual or annual basis in most cases.

Registered Education Savings Plans are commonly used by parents and grandparents as a savings tool to help fund a childís education. While contributions are not tax deductible, government grants provide an added incentive for contributions and funds within the RESP grow and compound on a tax free basis. Tax is sometimes paid by the child or beneficiary when funds are withdrawn from the plan.

Tax Free Savings Accounts do not provide individuals with tax deductions for contributions within the plan. The main benefit of TFSA accounts are that interest or growth within the account is not taxed.

More in-depth registered investment information is available in this section.

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