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Our response:

Registered Retirement Income Funds (RRIFs) and Tax-Free Savings Accounts (TFSAs) are types of registered savings plans that allow you to save money for your financial goals – like buying a house or retiring – usually tax-deferred, or in the case of TFSAs, tax-free. Learn more about savings plans on GetSmarterAboutMoney.ca.

You can hold a variety of investments and cash in these types of plans. If you currently hold funds in your accounts and you would like to transfer some of your money into a high-interest savings account to be held within your savings plan, speak to a financial advisor to learn how this can be done and whether this move is right for you.

Learn about the types of investments that can be held in registered plans from the Canada Revenue Agency.