According to Statistics Canada, 35 per cent of Canadians contribute each year to an RRSP.

A Registered Retirement Savings Plan (RRSP) is a tax-deferred account typically used for retirement savings. Any resident of Canada age 71 or under can participate in a RRSP.

The Benefits of an RRSP are as follows:

  • The RRSP contribution limit is determined by taking the lesser of 18% of the individual’s previous year’s earned income and the current year’s RRSP dollar limit subject to a maximum contribution limit. Money contributed to a company pension plan and unused contribution from previous years adjust an individual’s contribution room. Contributions may be tax-deductible and the investments grow tax-deferred until removed.
  • Contributions to an RRSP can be tailored to fit the individual tax payer’s budget such as weekly, bi-weekly, monthly or yearly.
  • RRSPs must be converted to Registered Retirement Income Funds (RRIFs) by the end of the year you turn 71; Foxgrove Benefit Consulting can assist you in consolidating all your RRSP holdings into one account. This simplifies the ease of planning before and during retirement.

There are a range of RRSPs that can fit an individual’s pre retirement needs, such as:

  • Individual RRSP
  • Spousal RRSP
  • Group RRSP
  • Self Directed Plans


How high will tuition costs be in 5, 10 or even 15 years?

Projections indicate that in 2027 it will cost more than $114,063 for a 4-year university program for a student living away from home.

The Registered Education Savings Plan (RESP) is a financial tool specially designed to accumulate savings to be used as a financial resource for a beneficiary’s post-secondary education. As with an RRSP, the federal government allows the investment income to grow tax shelter until the money is withdrawn from the plan.

The Advantages of a RESP:

  • Accumulate the necessary funds to finance a child’s post-secondary education (Contributions are limited to $50,000, per beneficiary, for life).
  • Eligible for a government grant equal to 20% of your annual contributions to the RESP (up to $500 per year to a maximum of $7,200 per beneficiary)
  • An education bonus of up to 15% of the contributions to the RESP will increase the income paid as Educational Assistance Payments (EAPs)
  • The chance to watch your money grow sheltered from tax.
  • Flexibility to change the plan’s beneficiary.
  • Withdrawals of contributions are tax-free.
  • The investment income is transferable to your RRSP if the child chooses not to pursue a post-secondary education.


A survey by ING DIRECT finds slightly more than half of Canadians have yet to take advantage of Tax-Free Savings Accounts.

The Tax-Free Savings Account (TFSA) is a flexible, registered savings vehicle that allows Canadians over the age of 18 to contribute up to $5,000 annually.  Although the contribution is not tax-deductible, any income accumulated in the TFSA is tax-free.

The advantages of a TFSA are:

  • Investment income earned is tax-free.
  • Withdrawals are tax-free.
  • Unused contribution room is carried forward to future years.
  • Withdrawal amounts can be put back into the TFSA in future years without affecting the contribution room.
  • Complements existing registered savings plans like the Registered Retirement Savings Plans (RRSP) and the Registered Education Savings Plans (RESP).
  • Choose from a wide range of investment options such as segregated funds, mutual funds, Guaranteed Investment Certificates (GICs), stocks and bonds.
  • Neither income earned within a TFSA nor withdrawals from it affect eligibility for federal income-tested benefits and credits, such as Old Age Security, the Guaranteed Income Supplement, and the Canada Child Tax Benefit.
  • TFSA assets can generally be transferred to a spouse or common-law partner upon death.


A locked-in retirement account (LIRA) is designed to hold pension funds that you have accumulated in a company pension (defined benefit or defined contribution) when you no longer work for the company and are not retired.

Also known as a locked-in RRSP or LRSP, a LIRA is essentially a place to park your former company’s pension funds until you retire.

When you have only worked for a company for a short period of time, your accumulated pension may be minimal and can be paid out as cash when you leave. However, if your pension funds are “significant” and locked-in, the government wants to ensure that you keep the funds for its intended purpose, i.e. as retirement income.

As such, you will only be allowed to transfer it into a LIRA where your funds continue to grow on a tax-deferred basis until withdrawal in retirement.

Depending on the province, the retirement age at which you can start utilizing funds stashed away in your LIRA may vary.


A Registered Retirement Income Fund (RRIF) is an account registered with the federal government that gives you a steady income in retirement. Before, you were putting money into your RRSP to accumulate savings for retirement. Now, you withdraw that money from your RRIF as retirement income.

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