Registered Accounts

We are committed to helping you reach your financial objectives. Whether you are buying your first home or considering your retirement investment choices, there are registered plans and services that can help you save for your goals on a tax assisted basis. This guide provides an overview of the benefits of registered plans and how they fit into your financial situation.

Introduced in 2023, the tax-free First Home Savings Account (“FHSA”) is an innovative registered plan that allows prospective first-time home buyers to contribute up to $40,000 towards their first home, benefiting from tax-free growth. Similar to a Registered Retirement Savings Plan (“RRSP”), contributions to an FHSA are tax-deductible, and withdrawals to purchase a first home — including from investment income — are non-taxable, like a Tax-Free Savings Account (“TFSA”).

At BMO Nesbitt Burns we can help you determine the best way to finance your child’s education and work with you to develop a savings program that helps meet your educational savings goals.

This article provides information on how, and when, to withdraw funds from an RESP, as well as information on qualifying educational institutions and programs. In situations where the RESP beneficiary decides not to pursue post-secondary studies or leaves before completing a qualifying program, the subscriber of the plan must decide what to do with the money that has accumulated in the RESP.

Investing in a Registered Retirement Savings Plan (“RRSP”) is one of the soundest ways to ensure you enjoy a financially secure retirement. In order to maximize the benefits of an RRSP, it’s important to have a basic understanding of the rules that govern them.

A RRIF is very much like an RRSP in reverse. An RRSP is an account designed to help you save for retirement – a RRIF is an account designed to provide annual income in the form of withdrawals from a registered plan during your retirement. Click to read on about how you can benefit from an RRIF.

The locking-in of pension benefits is an important concept. Pension regulations are designed to ensure that the pension benefits promised by an employer are available at the employee’s retirement date and that the accumulated pension funds are used to provide a lifetime retirement income for the employee. In response to the growing demand for more flexibility, many provinces, as well as the Federal government, have amended their pension acts to allow additional maturity options.