Plan Today. Enjoy Tomorrow.
Whether you're saving for retirement or your child’s education, registered savings plans offer powerful, tax-advantaged ways to grow your wealth in Canada. At Happy Life Insurance, we help you make the most of these government-backed plans with smart strategies and tailored advice.
What Are Registered Savings Plans?
Registered savings plans are special investment accounts registered with the Canadian government, offering tax benefits to encourage long-term saving.
The two most common plans are:
Both plans serve different goals, but each plays a critical role in building a secure financial future—for you or your family.
RRSP – Registered Retirement Savings Plan
An RRSP is designed to help Canadians save for retirement. Contributions are tax-deductible, meaning they reduce your taxable income for the year. Your investments grow tax-deferred, meaning you only pay tax when you withdraw the funds—typically at retirement, when you may be in a lower tax bracket.
Key Benefits:
You can also withdraw from your RRSP for specific purposes without immediate tax penalties under programs like:
Pro Tip: Start early and contribute regularly to maximize compound growth over time.
RESP – Registered Education Savings Plan
An RESP helps parents and guardians save for their child’s post-secondary education. Contributions aren’t tax-deductible, but your investments grow tax-free, and your child (the beneficiary) pays the tax when the funds are used—typically at a lower tax rate.
Key Benefits:
You can contribute up to $50,000 per child, and if your child doesn’t pursue post-secondary education, funds can often be transferred to your RRSP (subject to limits and conditions).
Pro Tip: The earlier you start an RESP, the more government grants you can collect and the more time your savings has to grow.
Why Choose Happy Life Insurance?
Our experienced advisors will:
Whether you're planning your retirement or funding your child’s future, we make saving simple and effective.
Start Saving Smarter—Today
Your financial future starts with the right plan. Let’s build it together.