Types of investments

 A Tax-Free Savings Account (TFSA) is a registered tax-advantaged savings account that can help you earn money, tax-free.

You can think of a TFSA like a basket, where you can hold qualified investments, that may generate interest, capital gains, and dividends, tax-free.

Whether you're saving for your dream wedding, a rainy day, your first home, or an extended vacation, a TFSA can help you reach your goals sooner. 

 An RRSP is what’s called a tax-advantaged account, which is something the government created specifically to provide tax breaks to anyone who takes the time to use them. The money you put in your RRSP is not taxed. At least not right now. That’s the advantage. So your taxes for the year are lower, but also, you have more money to put into your RRSP. That money grows, tax free until it’s time to retire. 

 The Insured Retirement Plan (IRP) complements your existing retirement strategy with tax-exempt life insurance that offers you tax-free supplemental income. 

If you are at least 10 to 15 years away from retirement, you are maximizing your annual RSP contributions and you are looking for additional tax-deferral strategies, this plan may provide a solution to your needs. You should have excess discretionary income, existing coverage or a need for insurance, and you should be in good health.  At the very least, even without the additional income, the insurance policy will become a key part of your estate plan, enabling you to grow funds on a tax-deferred basis. 

 The Million Dollar Baby Plan is an asset that grows every year, and unlike an RESP it can be used to fund any purchase in your child’s life, not just education! 

 An Non-Reg is a flexible savings option that helps you keep investing for your future if you’ve maxed out contributions in other registered savings plans. As the plan isn’t registered with the government, it’s not subject to the same regulations as other plans, so there is no limit on what you contribute or how often. 

These are just the most common accounts, but under comprehensive planning we will discover more accounts and investment options.