Family Registered Education Savings Plan (RESP)
A family RESP can have one or more beneficiaries. However, each beneficiary must be connected by blood or adoption to each living subscriber under the plan or have been connected to a deceased original subscriber, and be under 21 when named. Contributions to this plan can only be made until a beneficiary turns 21.

Individual Registered Education Savings Plan (RESP)
A Registered Education Savings Plan with only one beneficiary. An RESP is a government approved, tax-sheltered savings plan, which allows you to contribute up to $4,000 to each beneficiary every year to a maximum lifetime contribution of $42,000 per beneficiary. The contributions you make to an RESP are not tax-deductible, however tax on the income earned on investments within the plan is deferred until the intended beneficiary withdraws the funds.

Life Income Fund (LIF)
A LIF is established by the transfer of locked-in funds from a RPP, LRSP, LIRA and some instances a LRIF. It is similar to a RIF in that it provides a flexible payout option for RRSP or RRIF holders.

Prescribed Retirement Income Fund (PRIF)
Identical to a RIF, except it is only available to those with funds governed under Manitoba or Saskatchewan pension legislation that are seeking a choice of investments and income.

Locked-in Registered Retirement Savings Plan (RRSP)
A locked-in retirement plan established by the transfer of locked-in funds from a RPP, another LRSP, LIRA, LIF (Life Income Fund) or LRIF (Locked-in Retirement Income Fund).

Locked-In Retirement Account (LIRA)
An employer-created Registered Pension Plan (RPP) to provide a pension when an employee retires or is terminated from employment. Fully vested proceeds of the RPP are considered 'locked-in' and can only be transferred into certain 'locked-in plans' including: RSP pre-retirement plans, such as LIRA, LRSP; or RIF retirement income plans, such as LIF, LRIF and Life Annuities.

Locked-in Retirement Income Fund (RIF)
Similar to a RRIF; however funds are locked-in permanently to ensure lifetime income. The plan enables the holder to make lifetime investment decisions while providing some flexibility in determining an income schedule. A RIF that has been created from a locked in RRSP.

Retirement Income Fund (RIF)
A continuation of a RRSP providing similar tax deferral of principal and income earned, except, contributions are no longer permitted. Instead, CRA dictates that a minimum amount must be withdrawn annually. Retirement income payments are taxed each year as received, thus spreading the taxation over your retirement. As with RRSPs, such plans are available to individuals and spouses.

Registered Retirement Savings Plan (RRSP)
A Registered Retirement Savings Plan (RRSP) is a vehicle available to individuals to defer tax on a specified amount of money to be used for retirement. The holder invests money in one or more of a variety of investment vehicles, which are held in trust under the plan. Income tax is deferred until the money (the amount originally deposited plus any interest, capital gains or dividends made on that money) is withdrawn at retirement. RRSPs can be converted into Retirement Income Funds (RIF).

USD RSPs
Hold U.S. currency in registered accounts and avoid costly currency conversion fees. Choose to settle U.S. stock and options trades in USD or CAD.