When you’re ready to retire, your RRSP is transferred to a RRIF to provide retirement income.
When you’re ready to retire, your pension savings are transferred to a LIF to provide retirement income.
Get government funding and tax-deferred growth while saving.
From short to long term goals, financial advisors and financial planners can help you make the most of your savings. Find the right plan based on your eligibility, lifestyle, and saving needs and take advantage of government incentives and grants.
RRSPs can help you save on year-end taxes in your highest earning years and save for retirement. On the other hand, TFSAs allow you to grow your savings in a fully accessible tax-sheltered savings account. Consider a combination of both for a balanced savings plan that meets your short and long term goals.