Saving for a major purchase
Have your sights set on something big? Let’s make your dream purchase a reality.
Investment accounts
Choosing the right accounts for your goals is one of the first steps to investing. Think of them as containers for your money. Explore our recommended investment accounts if you're planning to make a big purchase.
Tax-Free Savings Account (TFSA)
Non-Registered Savings Plan (NRSP)
Registered Retirement Savings Plan (RRSP)
What’s the difference between TFSAs, NRSPs and RRSPs?
| TFSA | NRSP | RRSP | |
|---|---|---|---|
| Type of account | Registered | Non-registered | Registered |
| Minimum age | 18 | 18 (to own a plan), but no minimum on the annuitant. Or 16 for non-registered segregated funds, if purchased through a life-insurance company. | No, but you must have earned income and filed a tax return. |
| Maximum age | No | No | 71* |
| Annual contribution limit | $7,000 in 2025 | No | 18% of your earned income up to a maximum of $32,490 in 2025‡ |
| Do contributions reduce taxable income? | No | No | Yes |
| Are withdrawals taxed? | No | No | Yes |
| Are investment gains and losses taxable? | No | Yes | No |
| Can you name a beneficiary? | Yes | No, but certain investments within the account can have a beneficiary. Segregated funds, as an exception, must have a named beneficiary. | Yes |
*You can contribute to your own RRSP until December 31 of the year that you turn 71. You can contribute to a spousal RRSP until December 31 of the year that your spouse turns 71. RRSPs must be converted to a Registered Retirement Income Fund (RRIF) by December 31 of the year that you turn 71.
‡ Since unused contribution room carries forward, you may be eligible to contribute more than the annual maximum. To find out your individual RRSP limit for the current year, check your most recent Notice of Assessment from Canada Revenue Agency (CRA). Annual contribution limits are also reduced by any existing pension adjustments from an employer-sponsored pension plan. Your limit may be less than 18% if you contribute to a company pension plan.
Investment products
Like items that you put in a container, investment products are what you hold in your account. They help you grow your wealth, and each come with different risks and rewards. The products you choose depend on your risk tolerance and your timeline. Explore our recommended investment products.
Mutual funds
Segregated funds
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Take a look at how much money you’re earning and spending. Can you find ways to save? Even small changes, like packing a lunch instead of buying one, can make a huge difference over time. Knowing your budget will help you figure out how much you can put towards your goal each week or month.
Use the Government of Canada’s Budget Planner
Once you know how much money you can set aside, you can figure out how long it’ll take to reach your goal. The amount of time you give yourself can impact how you invest. Your goals can be:
- Short-term (two years or less)
- Medium-term (three to five years)
- Long-term (six or more years)
Many investments can help you grow your wealth faster, but they usually to come with higher levels of risk. Your comfort with risk depends on your ability to absorb financial loss and your emotional willingness to accept it. In general, more risk may be acceptable if you have longer-term goals as you’ll have more time to financially recover. Your risk tolerance determines your investment profile.
Learn about investment profiles
Learn how you can take full advantage of this powerful savings tool.
Read about TFSA limits and rules
Find out more about these common registered accounts.
Compare registered accountsReady to grow your wealth?
Saving for something else?
Not all products are available in all provinces.
In the province of Quebec, the authorized representatives are Financial Security Advisors who have been duly certified by the Autorité des marchés financiers.
Mutual funds are offered through Co-operators Financial Investment Services Inc. to Canadian residents except those in Quebec and the territories. Segregated funds and annuities are underwritten and administered by Co-operators Life Insurance Company.
The content provided on this webpage is a general source of information for a specific point in time and should not be considered solicitation to buy or sell any investment. Nothing contained in this information constitutes investment, legal, tax or other advice.
Co-operators Life Insurance Company and Co-operators Financial Investment Services Inc. are committed to protecting the privacy, confidentiality, accuracy and security of the personal information that we collect, use, retain and disclose in the course of conducting our business. Please visit our privacy policy for more information.
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