What types of accounts should I be saving in?
When thinking about investments for any savings goal, you should keep in mind your personal and financial circumstances and risk tolerance. There are many different types of account you can use to save, for various savings goals. For example:
- if you are saving for retirement, buying your first home, or your own education, you may consider using a registered retirement savings plan (RRSP);
- if you are saving for a child’s education you may consider a registered education savings plan (RESP);
- if you are saving for the above or any other savings goal, you may consider using a tax-free savings account (TFSA).
- You may also use a non-registered account for any goal.
This previous question may help you understand the types of questions you need to ask when choosing investments for any financial goal. Speak to a registered financial advisor to learn more about the different types of savings accounts and which one(s) will work best for your own personal financial needs and goals.