Investment accounts
We’ll build the right combination for you
We offer a full range of registered and non-registered accounts because a solid financial plan rarely relies on a single approach. We’re here to help you select the combination of accounts that will work in harmony to offer you the best possible potential for long-term success.
Registered accounts
Tax-free savings accounts
You pay no tax on the money you earn in a tax-free savings account (TFSA), and you can withdraw your money at any time with no penalty. There are limits on how much you can contribute annually, but no limit on the amount you can withdraw. This makes a TFSA a flexible account for saving and investing for short- and long-term goals.
Learn more about TFSAsMD First Home Savings Account
It’s a savings account that combines the best features of a registered retirement savings plan (RRSP) with a tax-free savings account (TFSA). Get tax deduction perks like an RRSP, and grow your money without it being taxed, just like a TFSA. Whether you’re looking to buy your first home or help your loved ones save for theirs, see how you can take advantage of the MD First Home Savings Account (MD FHSA) and its benefits.
Learn more about the MD FHSARegistered retirement savings plans
Primarily used to save for retirement, a registered retirement savings plan (RRSP) allows your investments in this account to grow on a tax-deferred basis. Contributions can reduce your taxable income. There are limits on how much you can contribute, and withdrawals are considered income.
Registered retirement income funds
RRIFs are designed to provide regular retirement income. By the end of the calendar year in which you turn 71, you will need to convert your RRSP into a RRIF. Even after you begin to withdraw retirement income, the funds in your RRIF will continue to grow on a tax-deferred basis. Withdrawals are added to any other income you receive for tax purposes.
Learn more about RRIFsRegistered education savings plans
Parents, family members and others can use a registered education savings plan (RESP) to contribute to a child’s post-secondary education up to a lifetime maximum of $50,000 per child. Investments grow tax-deferred, and additional incentives (such as government grants and bonds) may also be available.
Learn more about RESPsNon-registered accounts
A non-registered investment account provides you with the opportunity to purchase all types of investments for any combination of goals. Unlike registered accounts, there are no limits on contributions or withdrawals, and all investment gains are taxable in the year that they are realized.
Corporate investment accounts
Incorporated physicians who choose to retain earnings in their corporation usually pay less tax upfront, which accelerates their wealth accumulation for retirement or business debt repayment.
Read our guide on optimizing your finances as an incorporated physicianIndividual pension plans
Incorporated physicians who pay themselves a salary can have their corporation set up an individual pension plan (IPP), where the corporation pays the costs and makes the contributions. In the right circumstances, an IPP can enhance tax savings because the corporation makes tax-deductible contributions and you benefit from tax-deferred growth inside the plan.
Learn more about IPPs