Types of Investment Vehicles (Accounts)

 A TFSA is a Canadian investment account that lets you grow your money tax‑free. You can hold savings, stocks, ETFs, mutual funds, and other investments inside it, and any growth or withdrawals are not taxed, regardless of your income level. You get a set amount of contribution room each year, and unused room carries forward. 

 A RRSP is a Canadian account that lets you save and invest for retirement while reducing your taxable income. Contributions are tax‑deductible, and investments grow tax‑deferred until withdrawal 

 A flexible taxable account with no contribution limits. Investment income (interest, dividends, capital gains) is taxable in the year earned. 

 An RESP helps families save for a child’s post‑secondary education. Contributions grow tax‑deferred, and the government adds education grants to boost savings. 

 An RDSP supports long‑term savings for individuals with disabilities. Contributions grow tax‑deferred, and eligible beneficiaries may receive government grants and bonds. 

 An FHSA helps first‑time homebuyers save for a home with tax‑deductible contributions and tax‑free withdrawals when used for a qualifying home purchase. 

 A RRIF is the continuation of an RRSP at retirement. Funds stay invested, but you must withdraw a minimum amount each year. 

  LIF provides retirement income from locked‑in pension funds. Withdrawals are allowed annually within government‑set minimum and maximum limits. 

 A LIRA holds pension funds transferred from an employer plan. Money is locked in until retirement age and later converted to a LIF or annuity.