Registered Savings Vehicles

Living costs money. We want to buy things, go places, educate our children and be financially independent one day (not having to work to fund our lifestyles). To achieve our financial goals, we need to pay off our debts, save money and invest it. Once we’ve made a decision to save and/or invest, the next question is, where?

In Canada, we have numerous types of savings vehicles and other assets (such as real estate) that we can use to build our net worth. The Government of Canada has created several savings vehicles that encourage us to save, collectively referred to as registered savings plans. Although the Tax-Free Savings Account (TFSA) is an “account”, not a “plan”, it too is a government-created savings vehicle. Any asset or account that isn’t registered is classified as non-registered.

In this section of the ProsperiGuide website, Where to Save, we explore the differences between “registered” and “non-registered” and examine the features and benefits of registered savings vehicles such as:

  • Registered pension plans (RPPs)
  • Deferred profit sharing plans (DPSPs)
  • Registered retirement savings plans (RRSPs)
  • The Tax-Free Savings Account (TFSA)
  • Registered education savings plans (RESPs)
  • Registered disability savings plans (RDSPs)