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Guides to the accounts and vehicles most Canadians actually use to invest — the TFSA, RRSP, and FHSA, plus how to evaluate ETFs, brokers, robo-advisors, and GICs. See our methodology.
TFSA: Tax-Free Savings Account Guide
How the TFSA works, contribution room, and what to hold inside one.
- Contributions are not tax-deductible; withdrawals are completely tax-free
- Unused contribution room carries forward indefinitely
- Withdrawals are added back to contribution room the following calendar year
- Over-contributing results in a monthly penalty tax on the excess
RRSP: Registered Retirement Savings Plan Guide
How RRSP contributions, deductions, and withdrawals actually work.
- Contributions reduce taxable income in the year they're made
- Withdrawals are taxed as regular income
- Contribution room is 18% of prior-year earned income, up to the annual maximum
- The Home Buyers' Plan allows a limited tax-free withdrawal toward a first home
FHSA: First Home Savings Account Guide
The tax-free account built specifically for a first home down payment.
- Contributions are tax-deductible
- Qualifying withdrawals for a first home purchase are tax-free
- Annual and lifetime contribution limits both apply
- Unused funds can be transferred to an RRSP without using RRSP room
Best Canadian ETFs to Consider
How to evaluate a Canadian ETF beyond just past performance.
- Management expense ratio (MER) compounds significantly over decades
- Tracking error shows how closely a fund follows its benchmark
- All-in-one asset allocation ETFs offer built-in diversification and rebalancing
- Trading volume and fund size affect how easily you can buy and sell
Best Online Brokers in Canada
What matters most when choosing where to hold your investments.
- Many Canadian brokers now offer commission-free trading on Canadian ETFs
- Currency conversion fees can matter more than commissions for buy-and-hold investors
- Confirm the broker supports the specific registered accounts you need
- Robo-advisors are a lower-effort alternative to self-directed investing
Robo-Advisors in Canada
Automated portfolio management explained, and who it's a good fit for.
- Robo-advisors automatically build and rebalance a diversified ETF portfolio
- Management fees are added on top of underlying fund fees
- A good fit for investors who want a hands-off, professionally managed approach
- Generally costs more over time than an equivalent self-directed all-in-one ETF
GICs: Guaranteed Investment Certificates
How GICs work, and when a guaranteed rate makes sense over investing.
- Principal and rate are guaranteed for the term
- Non-redeemable GICs typically pay more than cashable ones
- GICs held in a TFSA or RRSP grow tax-free or tax-deferred
- Best suited for money needed within a known, fixed timeframe