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Saving Programs

If you are thinking of saving money for your children's college or university education, or save for your retirement, or for any other purpose, here are several savings plans available to you.

RESP or Registered Education Savings Plan

If you would like to save money for the education of your children, the Canada Revenue Agency implements RESP for this purpose.

RESP is a savings plan in which an individual (called the subscriber) enters into contract with and a person or organization (called the promoter).

The subscriber can name one or more beneficiaries who will be the future student(s) and commits to make regular cash contributions for the beneficiaries. The promoter agrees to pay educational assistance payments (EAPs) to the beneficiaries in the future.

There are two different types of RESP available: family plans and specified plans.

Visit Canada Revenue Agency for more information about RESP.


RRSP or Registered Retirement Savings Plan

If you would like to save money for your future retirement, the Canada Revenue Agency (CRA) implements the RRSP for this purpose.

You will have to establish an RRSP account, which  CRA will register, and to which you or your spouse or common-law partner will contribute. Your RRSP contributions can be used to reduce your tax.

Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan.

Visit Canada Revenue Agency for more information about RRSP.


TFSA of Tax-free Savings Accounts

TFSA is a way for individuals who are 18 and older and who have a valid social insurance number to save money that is tax-free throughout their lifetime.  Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.

Visit Canada Revenue Agency for more information about TFSA.   


SEED Winnipeg Inc.

Supporting Employment or Economic Development or SEED Winnipeg is an organization that helps low-income Winnipeg residents build their assets and save money for household necessities. They help clients meet their savings goals through programs like money management training classes, matched savings credits that are added to the funds that clients save on their own, opportunities for peer support from fellow participants, and one-to-one support from SEED staff.

Find out more about SEED Winnipeg's programs.