Taxes can have a big impact on the value of your savings

Different account types, like a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA) can work together to reduce the overall tax burden on your investments.

As you understand how the different types of accounts work, you can use their advantages to help your money grow and build towards your future goal. There are certain benefits and restrictions on how you can use different accounts, and others like Registered Education Savings Plans (RESPs) can also provide government grants that help your money grow even faster.​​​​​​​