Saving for retirement
Whether retirement is far off or around the corner, we can help you plan.
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 for retirement.
Registered Retirement Savings Plan (RRSP)
Build your retirement savings faster while enjoying tax benefits along the way.
Learn more about RRSPs
Tax-Free Savings Account (TFSA)
Grow your investments tax-free and contribute for as long as you want, giving you the flexibility to save according to your needs.
Learn more about TFSAs
Non-Registered Savings Plan (NRSP)
Save without limits and access your investments at any time – a great option if you’ve maxed out your TFSA and RRSP contributions.
Learn more about NRSPs
Locked-In Retirement Account (LIRA)
Keep your investments from a former pension plan set aside in a tax-sheltered, individual plan until you’re ready to retire.
Learn more about LIRAsWhat’s the difference between TFSAs, NRSPs, RRSPs and LIRAs?
| TFSA | NRSP | RRSP | LIRA | |
|---|---|---|---|---|
| Type of account | Registered | Non-registered | 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. | 18 |
| Maximum age | No | No | 71* | Does not apply |
| Annual contribution limit | $7,000 in 2025 | No | 18% of your earned income up to a maximum of $32,490 in 2025‡ | Does not apply |
| Do contributions reduce taxable income? | No | No | Yes | Does not apply |
| Are withdrawals taxed? | No | No | Yes | Yes, after converting to a LIF or annuity |
| Are investment gains and losses taxable? | No | Yes | No | 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 | 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 when you’re planning to buy a home. Explore our recommended investment products.
Mutual funds
Segregated funds
Get the latest market news
When it comes to saving for your retirement, compound interest and upward market trends over time are your friends. By starting early, your money will have more time to earn a larger amount of compound interest. And you likely won’t have to save as much each month compared to if you started later in your career.
Use our retirement savings and planning calculator
How much you’ll need to save depends on your retirement lifestyle. Some things to consider include:
- Your retirement age
- Whether you’ll be debt-free
- Your hobbies and travel plans
- If you have dependents
Get tips to help boost your retirement savings today and down the road.
Read about retirement planning
Find out how you can turn your retirement savings into a retirement income once you punch the clock for the last time.
Read about RRIFs
As a business owner, you likely have more things to consider as you’re approaching retirement. Get tips to help you transition into your golden years.
Get retirement tips for entrepreneursReady 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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