Do you want to plan your retirement or save money to reach your financial goals? With registered savings plans, you’ll get tax benefits to help you achieve your goals—whatever they are!
A registered retirement savings plan (RRSP) is for anyone up to age 71 who is earning taxable income and wants to save for retirement.
A tax-free savings account (TFSA) is for anyone 18 or over who wants to grow their savings tax-free.
The RRSP and TFSA are complementary plans, so choose the one that best meets your needs.
A TFSA can be a better option if you earn a modest income. When you earn more money, you’ll be able to transfer your savings to an RRSP and save more tax.
Make an appointment with a representative Opens in a new window. who can help you determine the best strategy for you.
Are you quitting a job at a company where you have a pension plan? You can transfer the accumulated amounts to one of the following accounts:
In certain exceptional circumstances, you can make pre-retirement withdrawals from the locked-in accounts. Additional contributions cannot be made. The account type and the provisions that apply to you depend on which jurisdiction (provincial or federal) your employer’s plan was established under.
A registered retirement income fund (RRIF) is an extension of your RRSP. With a RRIF, you can convert your RRSP into retirement income. Each year, you’ll need to withdraw the minimum amount required by law.
You’ll need to convert your LIRA or Locked-in RRSP into a Life income fund (LIF) or Locked-in retirement income fund (LRIF) by December 31 of the year you turn 71. The LRIF is only available in some provinces.
They’ll assess your financial needs and help you find the right product for you.
Make an appointment Opens in a new window.
1-877-938-8932 This link will launch your default phone software.