Registered & non-registered accounts (Canada)

• QuestionWhat is "RRSP and RRIF"?Tap to revealAnswerRRSP = 'tax later': deduct now, grow sheltered, pay on withdrawal; converts to a RRIF by 71.
• QuestionIn "RRSP and RRIF", explain:Tap to revealAnswerRRSP = tax-deferred: deduct now, grow sheltered, pay tax on withdrawal.
• QuestionIn "RRSP and RRIF", explain:Tap to revealAnswerBest when your withdrawal-era tax rate is lower than today's.
• QuestionIn "RRSP and RRIF", explain:Tap to revealAnswerContribution room is CRA-reported and based on earned income.
• QuestionIn "RRSP and RRIF", explain:Tap to revealAnswerMust convert (usually to a RRIF) by the end of the year you turn 71.
• QuestionWhat is "TFSA and FHSA"?Tap to revealAnswerTFSA grows and pays out tax-free; FHSA adds an RRSP-style deduction for first-home buyers.
• QuestionIn "TFSA and FHSA", explain:Tap to revealAnswerTFSA = 'tax never': no deduction, but tax-free growth and withdrawals.
• QuestionIn "TFSA and FHSA", explain:Tap to revealAnswerTFSA withdrawals free up room the next year and don't reduce income-tested benefits.
• QuestionIn "TFSA and FHSA", explain:Tap to revealAnswerFHSA blends RRSP-style deduction with TFSA-style tax-free first-home withdrawals.
• QuestionIn "TFSA and FHSA", explain:Tap to revealAnswerAccount choice depends on horizon, tax rate, and goal — advise, don't default.
• QuestionWhat is "RESP — saving for education"?Tap to revealAnswerRESP = tax-sheltered education savings with a government grant match, taxed later in the student's low bracket.
• QuestionIn "RESP — saving for education", explain:Tap to revealAnswerRESP grows tax-sheltered and attracts government grants (e.g., CESG match).
• QuestionIn "RESP — saving for education", explain:Tap to revealAnswerCapturing the annual grant is a core reason to contribute steadily.
• QuestionIn "RESP — saving for education", explain:Tap to revealAnswerGrowth/grants are taxed in the student's (usually low) hands as EAPs.
• QuestionIn "RESP — saving for education", explain:Tap to revealAnswerUnused plans have transfer/unwind rules; grants may be repayable.
• QuestionWhat is "Non-registered accounts and taxation basics"?Tap to revealAnswerIn taxable accounts, income type drives tax: interest worst, capital gains best — locate assets accordingly and refer specifics to a tax pro.
• QuestionIn "Non-registered accounts and taxation basics", explain:Tap to revealAnswerNon-registered = taxable; the tax depends on income type.
• QuestionIn "Non-registered accounts and taxation basics", explain:Tap to revealAnswerInterest is taxed as ordinary income; eligible dividends get a credit; capital gains are partially included.
• QuestionIn "Non-registered accounts and taxation basics", explain:Tap to revealAnswerAsset location: shelter the least tax-efficient income inside registered accounts.
• QuestionIn "Non-registered accounts and taxation basics", explain:Tap to revealAnswerFlag tax effects, give general guidance, and refer specifics to a tax pro.

1. 1Match the account to the goal

   Analyse~20 min

   For three short client goals (retirement at 65, a home in 4 years, a newborn's education), name the most fitting account and one reason — then note one thing you'd verify before recommending.

   Done when: Each goal has a defensible account choice, a one-line rationale, and a 'verify-first' caveat (e.g., contribution room).

Why this matters. Reading + quizzing prove recall; applying it in a real situation is the only evidence of transfer. Treat at least one of these as non-negotiable before you move on.