Consultation on Qualified Investments for Tax-Advantaged Savings Plans

Current Status: Open

Join In

Registered Retirement Savings Plans (RRSPs), Registered Retirement Income Funds (RRIFs), Tax-Free Savings Accounts (TFSAs), Registered Education Savings Plans (RESPs), Registered Disability Savings Plans (RDSPs), Tax-Free First Home Savings Accounts (FHSAs), and Deferred Profit Sharing Plans (DPSPs) can invest only in qualified investments for those plans. A broad range of assets are qualified investments, including mutual funds, publicly traded securities, government and corporate bonds, and guaranteed investment certificates.

These registered plans help middle-class Canadians earn investment income tax-free. An eligible Canadian with earned income of $100,000 in 2023 can contribute up to $18,000 to their RRSP, $8,000 to their Tax-Free FHSA, and $7,000 to their TFSA in 2024, in addition to any unused saving room from prior years.

However, the rules for qualified investments in these registered savings plans were introduced in 1966, and have been incrementally expanded to include more than 40 types of assets and to reflect the introduction of new types of registered plans (including TFSAs in 2009 and FHSAs in 2023). This incremental approach has resulted in qualified investment rules that can be inconsistent or difficult to understand in some cases. For example:

To make it easier for middle-class Canadians to save tax-free, Budget 2024 announced a consultation to help modernize and simplify the qualified investment rules of the registered plans regime.

Key Questions for Consideration

All Canadians and interested stakeholders are invited to provide feedback on how the qualified investment rules could be modernized on a prospective basis to improve the clarity and coherence of the registered plans regime.

In this respect, the Department welcomes feedback on the following questions:

  1. Should the rules relating to investments in small businesses be harmonized to apply consistently to all registered savings plans, and if so, how?
  2. Should annuities that are qualified investments only for RRSPs, RRIFs, and RDSPs continue to be qualified investments?
  3. Are the conditions that certain pooled investment products must meet to be a qualified investment appropriate, including the ongoing value of maintaining a formal registration process for registered investments?
  4. Should qualified investment rules promote an increase in Canadian-based investments, and if so, how?
  5. Are crypto-backed assets appropriate as qualified investments for registered savings plans?

Contact Us

Submissions for this consultation will be open until July 15, 2024.

Email your comments and feedback at

Comments and feedback may also be sent by mail to:

Qualified Investment Consultation
c/o Director General, Tax Legislation Division
Department of Finance Canada
90 Elgin Street
Ottawa ON K1A 0G5

Who is the focus of this consultation?

Through this consultation, we want to hear from all Canadians and interested stakeholders.

What’s next?

Feedback from stakeholders will help inform decisions about whether changes should be made to the qualified investment rules and if so, what changes would be appropriate.


Information received through this comment process is subject to the Access to Information Act and the Privacy Act. Should you indicate that your comments, or any portions thereof, be considered confidential, the Department of Finance will make all reasonable efforts to protect this information.

Related links

Get in touch

Questions about this consultation process can be sent to

Page details

Date modified: