Registered Plans
Registered plans are savings and investment accounts registered with the federal government that offer tax advantages. Your registered plan can carry a wide range of investment products including cash, term deposits/GICs and mutual funds.
A registered savings plan offers special tax benefits to help you maximize your deposits. The right registered plans can greatly enhance your ability to reach your financial goals. Our team at OCU will help you create a personalized retirement plan that minimizes taxes and maximizes savings.
Registered Retirement Savings Plan (RRSP)
RRSPs let you save on taxes today while growing your retirement fund for later. Registered Retirement Savings Plans (RRSPs) are government-registered plans that allow you to save for retirement. Contributions are tax deductible and income is tax sheltered.
Tax Free Savings Account (TFSA)
A Tax-Free Savings Account (TFSA) is a registered account that can help you grow your money tax-free. You can hold investments such as cash, stocks, bonds, and mutual funds. With a TFSA you have the flexibility to withdraw your contributions, along with any interest, capital gains, or dividends earned, without paying taxes.
Registered Education Savings Plan (RESP)
A Registered Education Saving Plan (RESP) is a government approved plan for the purpose of providing post-secondary education funding for a beneficiary. Income earned within the plan is not taxed until it is withdrawn. Parents, relatives, or friends can contribute to the RESP, and the government may provide additional funds through grants and incentives. When the child enrolls in a qualified educational program, they can withdraw the funds for educational expenses. It’s an effective way to financially prepare for a child’s education and ensure they have access to higher education opportunities.
Registered Retirement Income Fund (RRIF)
A Registered Retirement Income Fund (RRIF) is a savings plan that provides you with income in retirement. It works by converting money from a retirement savings account (like an RRSP) into regular income. You must take out a minimum amount each year, which is taxable, but you can take more if needed. The money can be invested in things like stocks or bonds. It provides a steady income during retirement, making life more financially secure. You need to convert your account into a RRIF by the year you turn 71. It can also be a part of estate planning to help loved ones after you pass away.
First Home Savings Account (FHSA)
The First Home Savings Account (FHSA) is a new type of registered plan that’s designed to help you save for your first home, tax-free. Your contributions will be tax-deductible, like a registered retirement savings plan (RRSP). Your qualifying withdrawals will be non-taxable, like a tax-free savings account (TFSA).
Registered Disability Savings Plan (RDSP)
The Registered Disability Savings Plan (RDSP) is a long-term savings plan to help people with disabilities who are approved for the Disability Tax Credit save for the future. When you open a plan, you may also get grants and bonds from the Government of Canada to help with your long-term savings.