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TFSA

The Tax-Free Savings Account (TFSA) program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number (SIN) to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally TAX-FREE, even when it is withdrawn.

RRSP

A Registered Retirement Savings Plan (RRSP) is a savings plan, registered with the Canadian federal government that you can contribute to for retirement purposes.

When you contribute money to a RRSP, your funds are “tax-advantaged”, meaning that they’re exempt from being taxed in the year you make the contribution. Any investment income earned from investments held within the RRSP can then grow tax-deferred, as long as the funds remains within the RRSP, until it’s withdrawn.

RRSP contributions are tax-deductible, meaning that they can be deducted on your current year tax return, potentially reducing the total amount of taxes you pay.

RESP

An RESP (Registered Education Savings Plan) is an investment account designed to help you save for a child’s education. It’s an optimal way to save because the government contributes up to $7,200 per child (more in some provinces) and your RESP grows without incurring any tax until the grants and investment gains are withdrawn. And, in most cases, students benefit from this free money without paying any tax whatsoever.
Parents, grandparents, relatives and friends can contribute money any time into an RESP – up to a lifetime total of $50,000 per child.

RRIF

Registered Retirement Income Fund
When it comes time to convert RRSPs to income, most Canadians choose a Registered Retirement Income Fund (RRIF) as their retirement income option.
You must convert RRSPs to income by age 71
Even if you do not need periodic income or any income at all, you must convert the RRSP into income in the year you turn age 71.
An RRIF is a comfortable transition because of its similarity to an RRSP. An RRIF provides a high level of control over the investments in your retirement plan, the advantage of tax-free growth of assets within the plan, as well as maximum flexibility in establishing an income stream. RRIFs come in a number of shapes and sizes.

Annuity

An annuity is a financial product that provides you with a guaranteed regular income. Typically, it is used during your retirement years and sold by an annuity provider, such as a life insurance company.
The term “annuity” refers to an insurance contract issued and distributed by financial institutions with the intention of paying out invested funds in a fixed income stream in the future. Investors invest in or purchase annuities with monthly premiums or lump-sum payments. The holding institution issues a stream of payments in the future for a specified period of time or for the remainder of the annuitant’s life. Annuities are mainly used for retirement purposes.