What are Individual registered savings plans?
Individual registered savings plans are personal investment accounts that are registered with the Canada Revenue Agency (CRA) by the institution that holds the plan’s account. Registration with the CRA enables the plan owner to receive tax benefits that are not available in non-registered accounts.
Registered plans are available to save for:
· Retirement (in an RRSP and RRIF);
· Tax-free saving and investing (in a TFSA);
· Cost of post-secondary education (in an RESP);
· Costs of long-term disability (in an RDSP).
We will be talking about each plan in detail in further blogs.