Tax deferred and tax free savings plans

There are a number of plans available to Canadians for tax deferral or tax free savings.

• Locked-in accounts
• Registered Disability Savings Plans (RDSPs)
• Registered Retirement Income Funds (RRIFs)
• Registered Retirement Savings Plans (RRSPs)
• Tax-Free Savings Accounts (TFSAs)
• First Home Savings Accounts (FHSA)

The use of one type of plan does not exclude using other types of plans, although there can be age restrictions on which plans can be used. TFSAs versus RRSPs plans are sometimes compared as they might be used at the same time. There are some common features but also some key differences.