Investment Accounts
Whether you are saving for your first home, retirement, education, or everyday financial goals, choosing the right investment account is key to making your money work as efficiently as possible.
Explore the full range of account types available — including the FHSA, RRSP, TFSA, RESP, and non-registered accounts — and find the one that best aligns with your savings timeline and personal eligibility. For most investors, the ideal starting point will be one of these four core account types: FHSA, RRSP, TFSA, or RESP.
FHSA — First Home Savings Account
The First Home Savings Account (FHSA) is a registered savings vehicle designed specifically for prospective first-time homebuyers, allowing eligible individuals to set aside funds on a tax-free basis — up to established contribution limits — as they work toward purchasing their first home.
Main savings goal: Home ownership.
Typical length of investment: Short to long term.
RRSP — Registered Retirement Savings Plan
A Registered Retirement Savings Plan (RRSP) is a government-registered investment account that enables you to lower your current taxable income while simultaneously building long-term savings — making it one of the most effective tools available for tax-advantaged retirement planning.
Main savings goal: Retirement
Typical length of investment: Long term.
TFSA — Tax-Free Savings Account
A Tax-Free Savings Account (TFSA) is a flexible, registered investment account that allows your money to grow and be withdrawn completely free of tax — making it a versatile and powerful savings tool for virtually any financial goal.
Main savings goal: A flexible way to save.
Typical length of investment: Short to long term.
RESP — Registered Education Savings Plan
A Registered Education Savings Plan (RESP) is a dedicated investment account designed to help families save and grow funds specifically for a child’s post-secondary education — whether that path leads to university, college, or other qualifying programs.
Main savings goal: Education
Typical length of investment: Medium to long term.
Retirement Income Accounts (RRIFs & LIFs)
Once you retire, a Registered Retirement Income Fund (RRIF) provides a structured and tax-efficient way to convert your RRSP savings into a steady stream of retirement income through regular withdrawals.
Main savings goal: RRSP holders approaching retirement.
Typical length of investment: Long term.
Non-Registered Accounts (Cash or Savings Accounts)
A non-registered investment account offers flexibility beyond registered account limits, allowing you to invest without contribution restrictions. Unlike registered accounts, any income generated from investments held within a non-registered account is subject to applicable taxes in the year it is earned.
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.
Related Materials
Saving vs. Investing: What’s the Difference?
Saving and investing are two terms that are often used as though they mean the same thing — but in reality, they represent two fundamentally different approaches to managing your money.
Define Your Investment Purpose
Before selecting an investment account, it is essential to have a clear understanding of what you are ultimately working toward — whether that is buying a home, funding an education, or building long-term wealth.
Investment funds may carry associated costs such as commissions, trailing commissions, management fees, and other expenses. It is strongly recommended that investors review a fund’s prospectus or offering memorandum in full and consult with a licensed financial advisor before making any investment decisions. Fund values fluctuate regularly, returns are never guaranteed, and investors should be prepared for the possibility of financial gain or loss. Past results are not necessarily indicative of what may be achieved in the future.
We take your privacy seriously. Please review our privacy policy to understand how your information is handled. By accessing or logging into this website, you are confirming your consent to the use of cookies as outlined in our privacy policy.
This website and its contents are intended solely for individuals residing in Canada. Mutual funds and ETFs offered under the sponsorship of Nexyra Fidelity Holdings Investments Canada ULC are eligible for sale exclusively within the provinces and territories of Canada.
Ref: 997036-v20241219