What do those acronyms stand for?
An RRSP is named Registered Retirement Savings Plan that is a retirement savings plan you establish, that we register, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax.
A RESP is named Registered Education Savings Plan that an education savings account is registered with the Government of Canada by parents who want to save money for their children after secondary school.
The Tax-Free Savings Account (TFSA) is a flexible, registered, general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs.
What plans are you making for the future?
I'm going to make RESP for my baby in the future when I say goodbye to low income.
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