Personal savings

There are many types of personal savings vehicles. Whether you invest in real estate, in a voluntary retirement savings plans (VRSPs) or a registered retirement savings plan (RRSP), your investments must be sufficient for you to maintain your standard of living once you retire.

There are two main types of investments: registered investments and unregistered investments.

Registered investments

These investments offer tax advantages. VRSPs, for example, enable you to reduce your taxable income and lower your tax bill today.

Unregistered investments

These include all amounts not held in a tax-sheltered account, such as an RRSP. They are taxable. Bank accounts and equities are some examples.

For more information, see Choosing your savings vehicle.