Annuities provide a reliable stream of income either for life or a specific period. They are beneficial for individuals seeking financial security and a stable income source during retirement or other stages of life.

An RESP is a tax-advantaged savings plan designed to help parents save for their child's post-secondary education. Contributions to an RESP may qualify for government grants, making it an efficient way to save for educational expenses.

A TFSA allows individuals to save and invest money without paying taxes on the investment gains. It offers flexibility in withdrawals and can be used for various savings goals, including short-term expenses or long-term wealth accumulation.

This account is designed specifically to help individuals save for their first home. It typically offers incentives such as higher interest rates or government bonuses to accelerate savings towards a down payment.

Non-registered accounts refer to investment accounts that are not registered with the government for tax purposes. They offer flexibility in investment choices and may provide tax advantages on capital gains and dividends.

This type of account offers higher interest rates compared to traditional savings accounts. It's ideal for individuals looking to maximize the growth of their savings while maintaining easy access to their funds.

An RRSP is a tax-deferred savings plan aimed at helping individuals save for retirement. Contributions to an RRSP are tax-deductible, and investment growth is tax-sheltered until withdrawal, making it a popular choice for retirement savings.

In Canada, retirement planning often involves understanding various account types designed to provide income during your retirement years. Registered Retirement Income Funds (RRIFs), Life Income Funds (LIFs), and Locked-In Retirement Accounts (LIRAs) are key components of this planning process, each serving unique purposes to help you manage and access your retirement savings.