There are many types of investment accounts. Discover the range of investment accounts below that may align with your specific savings goals and eligibility. Chances are you'll want to start investing with one of these main account types: FHSA, RRSP, TFSA and RESP.

FHSA (Tax-Free First Home Savings Account)

A first home savings account (FHSA) allows prospective first-time home buyers to save tax-free for their first home (up to certain limits).

Main savings goal: Home ownership.

Typical length of investment: Short to long term.
RRSPs (Registered Retirement Savings Plan)

An RRSP is a type of investment account that allows you to reduce the tax payable on your current income when you save it for the future.

Main savings goal: Retirement.

Typical length of investment: Long term.
TFSAs (Tax-Free Savings Account)

A TFSA is a type of investment account that allows you to save and grow your money tax-free.

Main savings goal: A flexible way to save.

Typical length of investment: Short to long term.
RESPs (Registered Education Savings Plan)

An RESP is a type of investment account that is used to save for post-secondary education, such as university or college.

Main savings goal: Education.

Typical length of investment: Medium to long term.
Retirement Income accounts (RRIFs, LIFs)

Make withdrawals from your RRSP after you retire through an RRIF. 

Main savings goal: RRSP holders approaching retirement.

Typical length of investment: Long term.
Non-registered accounts (cash or savings accounts)

A non-registered account is a type of investment account that is subject to tax when income is earned on investments held in the account.

Main savings goal: Short-term needs, or when you’ve used up your contribution room in RRSPs and TFSAs.

Typical length of investment: Short to long term.

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