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Not sure which investment account is right for you?
We’ll guide you in the right direction. Plus, until March 31, 2025, open a new TFSA, RRSP, FHSA, or Non-Registered account for a chance to win $1,000.1
TFSA, RRSP, FHSA, or Non-Registered Account?
When it comes to investing, a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), First Home Savings Account (FHSA), or even a Non-Registered account are all great options. Each comes with its own advantages and the flexibility to hold a variety of investments such as GICs, mutual funds, and more. So how do you know which one is right for you? Let’s take a closer look.
| TFSA | RRSP | FHSA | Non-Registered Account | |
| What is it? | A registered account where investment earnings and withdrawals are tax-free. | A registered account where contributions are tax-deductible and investment earnings are tax-deferred. | A registered account to help first-time homebuyers where contributions are tax-deductible and investment earnings and withdrawals are tax-free. | An investment account that is not sheltered from taxes. Also known as a taxable or “open” account. This account may be ideal if you’ve reached your contribution limit on registered accounts or require your deposit to be held jointly. |
| Who is eligible? | Canadian residents who are 18 years or older. | Canadian residents between the ages of 18 and 71 who have earned income and filed a tax return in Canada. | Canadian residents between the ages of 18 and 71, who are considered first-time homebuyers. | Canadian residents who are 18 years or older. |
| What is the annual contribution limit? | $7,000 for 2025, plus any unused contribution room from previous years. | 18% of last year’s earned income, minus pension adjustments, up to a maximum of $32,490 for 2025. | $8,000 annually, plus up to $8,000 unused contribution room, up to a lifetime maximum of $40,000. | Unlike RRSPs, TFSAs, or FHSAs, non-registered accounts have no contribution limits, so you can invest as much as you want without any penalty. |
| What are the tax benefits? | Savings grow tax-free. | Contributions are tax-deductible (up to your personal deduction limit), plus tax is deferred until the year you withdraw funds from your RRSP, at which point, it will be added as taxable income2. | Contributions are tax-deductible (up to the annual and lifetime limits), plus savings grow tax-free (if you use funds for a qualifying first home). | Certain investments in Non- Registered accounts can be tax efficient as capital gains and dividends are taxed at a lower rate than interest or income. |
From January 2, 2025 to March 31, 2025, open a new TFSA, RRSP, FHSA, or Non-Registered account and you could win $1,000.1
Why invest with Educators Financial Group?
Since 1975, Educators Financial Group has been helping education members navigate their investment portfolios through uncertain times and plan for their future. No matter where you are in your career, what your present financial situation is like, or what the future may hold—we’ll make sure you’re equipped with the information and resources you need to invest with confidence.
Already have investments elsewhere? Switch to Educators Financial Group and we’ll cover the transfer fees!3
Yes, I'd like to speak to a Financial Advisor!
1 Terms and conditions apply. Minimum $5,000 investment required in a new TFSA, RRSP, FHSA, or Non-Registered account. One winner will be selected to win $1,000. Odds of winning a prize are dependent upon the number of entries received during the Contest Period. Offer ends March 31, 2025. View full terms and conditions.
2 RRSP withdrawals are subject to withholding taxes, which may vary depending on the amount withdrawn and where you reside. Qualifying withdrawals under the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP) are not subject to withholding taxes.
3 Terms and conditions apply.