3.2.7 Summary of key messages
- Some of the main savings vehicles are:
- savings accounts
- term deposits and guaranteed investment certificates
- government savings bonds
- registered savings plans such as Tax-Free Savings Accounts (TFSAs), Registered Retirement Savings Plans (RRSPs), Registered Education Savings Plans (RESPs), and Registered Disability Savings Plans (RDSPs).
- You can choose from many different plans for each type of savings vehicle, which provide different rates of return. You should also consider other factors, such as deposit insurance coverage and tax implications. Shop around to find the best return for your needs.
- Each type of savings vehicle has costs and limitations. Check them carefully to be sure you understand the terms and that they provide what you need.
At the end of the module, you will find an Action plan. This is a tool that you can use to track your progress and take the next steps to manage your saving successfully in the future. Use the action plan as a roadmap for financial action!
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