Savings accounts

Retirement is a life chapter that many will spend decades planning for using a Registered Retirement Savings Plan (RRSP). RRSPs have been a staple of Canadian personal finance since 1957. Since then, financially savvy Canadian citizens have taken full advantage of the exceptional tax benefits that this savings program provides. To add icing to the personal finance cake, RRSPs can also hold various types of investments along with savings—all of which can grow tax-free.

High-interest savings accounts provide a great vehicle for long and short-term savings, with many of the best high-interest savings accounts in Canada offering interest rates over 2%.

Tax-Free Savings Accounts (TFSAs) are investing tools designed to shelter your savings from taxes. While its name implies that it is a savings account, TFSAs are accounts that keep your investments and the interest that they earn tax-exempt.

Hybrid bank accounts, like Wealthsimple Cash, incorporate features from high-interest savings accounts and chequing accounts to create a flexible, all-in-one personal banking product.

Many Canadians who own a Tax-Free Savings Account (TFSA) are well-aware of the fact that the account shelters their savings from taxes, but many don’t recognize how many types of investments a TFSA can actually hold.

A Registered Retirement Savings Plan (RRSP) can help you save and prepare for a fruitful, comfortable, and secure retirement. It can also provide some remarkable tax-benefits that can earn you more money over a lifetime of contributions. This article answers many of the questions that usually surround the RRSP savings account.