A non-registered account has no contribution limits which is a great option if you are either not eligible or have taken maximum advantage of the benefits provided by registered accounts. A non-registered account also allows you to open an account in your name alone or with another account holder(s). You can put as much as you want into the account, and withdrawals are easy. The primary limitation of this account type is that any interest, dividends, and capital gains earned in the account are considered to be taxable income. 

A TFSA allows investments to grow on a tax-free tax free basis and there is no tax to be paid on withdrawals from a TFSA. To be eligible to contribute to a TFSA you must be a Canadian resident and 18 years of age or older. There are limits on the amounts that can be invested into a TFSA, there can be fines and penalties for over contributing.

An RESP is an investment vehicle that allows family members in Canada to save for their children's or grandchildren’s post-secondary education. The government will contribute a grant of 20% of your contribution up to a maximum of $500 per year per beneficiary. The maximum lifetime grant per beneficiary is $7,200. There is a lifetime contribution limit of $50,000 per beneficiary that can be made to an RESP. 

An RRSP is an excellent investment that allows contributions to be deducted from your income for tax purposes. Growth in your portfolio accumulates on a tax-free basis until withdrawals are made. The maximum that can be contributed to an RRSP is the greater of 18% of your earned income from the prior year and a specific dollar amount which is adjusted on an annual basis. In the year in which you turn 71, your RRSP must be converted into a Registered Retirement Income Fund (RRIF). You cannot make contributions to a RRIF and must make minimum annual withdrawals.  

A LIRA is where funds from your employer sponsored pension plan can be transferred to a tax free basis when your employment comes to an end.  Recent changes in legislation now allow some or all of a LIF to be converted to a RRIF. It has both maximum and minimum annual withdrawal requirements

A group registered retirement savings plan (RRSP) is a company-sponsored plan that the employer offers to eligible employee. Generally, employers will contribute to the plan by matching an amount employees contribute. Like an individual RRSP, any growth in the plan accumulates tax free.  It is a great way to make easy regular contributions as they come directly off of your pay cheque. 

A RDSP helps with the long term financial security of a person who is eligible for the disability tax credit (DTC). To qualify for an RDSP, the investor must be eligible for the Disability Tax Credit, be a resident of Canada, have a valid SIN and be under the age of 60. Anyone can contribute to an RDSP with the written consent of the account holder. Money contributed grows tax free. Based on family income, contributions can be matched with up to $3,500 a year in Canada Disability Savings Grants (CDSG) and up to $1,000 a year in Canada Disability Savings Bonds (CDSB). The lifetime maximum for the CDSG is $70,000 and $20,000 for the CDSB.

An ITF account is a non-registered account opened by an adult (over the age of 18) in trust for someone who is not yet legally considered an adult (a minor) so that an adult can invest funds on behalf of the minor. The adult is considered to be the legal owner while the minor is the beneficial owner.

Opening an investment account for your business can have many tax benefits long term. A corporate account is something that every business owner should consider so that while they’re working, their money is working too.