FAQs

A First Home Savings Account is a type of account available to Canadians to help them save to buy their first home. Each Canadian resident turning 18 or older during that year is eligible to open an account, and [...]

Old Age Security or OAS is a supplementary income program for Canadian residents ages 65 and older with moderate or low individual income. Unlike CPP, its eligibility is based only on years of Canadian residence, not employment income. OAS [...]

Canada Pension Plan or CPP refers to the government run pension for Canadians who have earned employment income throughout their careers. Most people who have worked for many years in Canada, or a country with a social security agreement, [...]

A Registered Education Savings Plan is the primary tool available to Canadians to help them save for education expenses. An RESP is most commonly used for the benefit of children or grandchildren, though they can be used for anyone, [...]

A Registered Retirement Income Fund (RRIF) is the second stage in an RRSP’s lifetime, during which the holder must withdraw a minimum amount from the account annually. An RRSP can be turned into a RRIF at any time, but it [...]

This is a very common question because the two programs have many similarities, but also a few key differences. In general, TFSAs are more appropriate for people who expect their incomes to rise over time (often, young people), whereas RRSPs [...]

A Registered Retirement Savings Plan is a type of account available to Canadians to help them save for retirement. Each Canadian who earns income receives contribution room of up to 18% of your earned income from the previous year, [...]

A Tax-Free Savings account is a type of account available to Canadians to help them save for retirement, a major purchase, or any other kind of saving. Each Canadian resident turning 18 or older during that year receives contribution [...]