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Our savings plans and accounts | Our investment products | 3 ways to invest | Find answers
Which savings plan or account should you choose?
Before investing, make sure your project is clearly defined. Do you need advice on how to get started? Check out our article.
- All our savings plans and accounts
- Education
- Emergency fund and miscellaneous projects
- Buying your first property
- Retirement
Want to travel the world? Buy a home? Save for your child’s education? Plan your retirement? Our savings plans and accounts can help turn your plans into a reality. Find out more about each one.
RRSP
The Registered Retirement Savings Plan (RRSP) allows you to:
- Reduce your taxable income and take advantage of the subsequent tax savings
- Contribute until you're 71-years-old
- Benefit from a maximum contribution of 18% of your previous year's income or a contribution limit of $31,560 for 2024
TFSA
The Tax-Free Savings Account (TFSA) allows you to:
- Save tax-free, regardless of your annual income
- Put money towards your retirement beyond your RRSP limit
- Contribute up to a maximum of $7,000 annually for the year 2024
FHSA
The First Home Savings Account (FHSA) allows you to:
- Reduce your taxable income
- Use the amount saved for other projects if your plans change (however it then becomes taxable)
- Contribute up to $8,000/year tax-free with a lifetime limit of $40,000 over 15 years
RESP
The Registered Education Savings Plan (RESP) allows you to:
- Grow your savings tax-free while government grants add from 20 % to 40 % each year
- Recover your investment if your child doesn’t pursue post-secondary education
- Contribute up to $50,000 per beneficiary
Non-registered account
A non-registered account allows you to:
- Put your money to work for a project
- Benefit from no holding limits
- Enjoy flexible withdrawals
LIRA
With a Locked-In Retirement Account (LIRA), you:
- Can grow your investments tax-free until you withdraw at age 71
- Must transfer the amount from your LIRA to your LIF no later than December 31 of the year in which you turn 71
- Will be subject to certain regulations depending on your province of residence
RRIF
With a Registered Retirement Income Fund (RRIF), you:
- Grow your investments tax-free while waiting to withdraw your funds
- Benefit from a regular income during retirement
- Must make a mandatory minimum withdrawal based on your age or the age of your spouse (no maximum withdrawal)
LIF
With a Life Income Fund (LIF), you:
- Will grow your investments tax-free until you withdraw your funds
- Must transfer the amounts from your locked-in plan to your LIF no later than December 31 of the year in which you turn 71
- Will be subject to certain regulations depending on your province
Education is an important part of life that requires significant financial resources. Whether you’re returning to school or saving for your children’s post-secondary education, there are solutions to help you achieve your goals.
RESP
The Registered Education Savings Plan (RESP) allows you to:
- Keep your savings tax-sheltered for the duration of the plan
- Recover your investment if your child doesn’t pursue post-secondary education
- Contribute up to $50,000 per beneficiary
RRSP
The Registered Retirement Savings Plan (RRSP) allows you to:
- Reduce your taxable income and take advantage of the subsequent tax savings
- Contribute until you're 71-years-old
- Benefit from a maximum contribution of 18% of your previous year's income or a contribution limit of $31,560 for 2024
TFSA
The Tax-Free Savings Account (TFSA) allows you to:
- Save tax-free, regardless of your annual income
- Put money towards your retirement beyond your RRSP limit
- Contribute up to a maximum of $7,000 annually for the year 2024
How much should you put in your emergency fund? Some typically recommend 3 to 6 months’ worth of expenses, but the real question is: Are you prepared for the unexpected? Check out our article on how emergency funds work.
TFSA
The Tax-Free Savings Account (TFSA) allows you to:
- Save tax-free, regardless of your annual income
- Put money towards your retirement beyond your RRSP limit
- Contribute up to a maximum of $7,000 annually for the year 2024
Non-registered account
A non-registered account allows you to:
- Put your money to work for a project
- Benefit from no holding limits
- Enjoy flexible withdrawals
Preparing for your first home purchase means planning for every key step: saving for the down payment, accounting for additional costs, covering moving expenses, and budgeting for potential renovations. With the right strategy, you can approach your real estate project with confidence and peace of mind.
FHSA
The First Home Savings Account (FHSA) allows you to:
- Reduce your taxable income
- Use the amount saved for other projects if your plans change (however it then becomes taxable)
- Contribute up to $8,000/year tax-free with a lifetime limit of $40,000 over 15 years
RRSP
The Registered Retirement Savings Plan (RRSP) allows you to:
- Reduce your taxable income and take advantage of the subsequent tax savings
- Contribute until you're 71-years-old
- Benefit from a maximum contribution of 18% of your previous year's income or a contribution limit of $31,560 for 2024
TFSA
The Tax-Free Savings Account (TFSA) allows you to:
- Save tax-free, regardless of your annual income
- Put money towards your retirement beyond your RRSP limit
- Contribute up to a maximum of $7,000 annually for the year 2024
Making the most of your retirement starts with understanding your current situation. If you’re still working, how do you envision the next chapter? If you’re already retired, is it time to revisit your strategy to get more out of it? Discover our tips for planning your ideal retirement.
RRSP
The Registered Retirement Savings Plan (RRSP) allows you to:
- Reduce your taxable income and take advantage of the subsequent tax savings
- Contribute until you're 71-years-old
- Benefit from a maximum contribution of 18% of your previous year's income or a contribution limit of $31,560 for 2024
TFSA
The Tax-Free Savings Account (TFSA) allows you to:
- Save tax-free, regardless of your annual income
- Put money towards your retirement beyond your RRSP limit
- Contribute up to a maximum of $7,000 annually for the year 2024
Non-registered account
A non-registered account allows you to:
- Put your money to work for a project
- Benefit from no holding limits
- Enjoy flexible withdrawals
RRIF
With a Registered Retirement Income Fund (RRIF), you:
- Grow your investments tax-free while waiting to withdraw your funds
- Benefit from a regular income during retirement
- Must make a mandatory minimum withdrawal based on your age or the age of your spouse (no maximum withdrawal)
LIRA
With a Locked-In Retirement Account (LIRA), you:
- Can grow your investments tax-free until you withdraw at age 71
- Must transfer the amount from your LIRA to your LIF no later than December 31 of the year in which you turn 71
- Will be subject to certain regulations depending on your province of residence
LIF
With a Life Income Fund (LIF), you:
- Will grow your investments tax-free until you withdraw your funds
- Must transfer the amounts from your locked-in plan to your LIF no later than December 31 of the year in which you turn 71
- Will be subject to certain regulations depending on your province
What investment products should I include in my savings plan or account?
Whether you're buying a home, saving for education or preparing for retirement, investment products help your savings grow over time.
Cash Advantage Solution
The Cash Advantage Solution is an investment tool that allows you to grow your money at different rates while maintaining access to your funds.
Guaranteed Investment Certificate (GIC)
A Guaranteed Investment Certificate (GIC) is a secure investment that allows you to earn interest over a period ranging from 30 days to 10 years.
Mutual funds
NBI Protfolios aim to achieve returns based on your goals and risk tolerance.
How to invest my money
When it comes to investing, there are plenty of options – choose the one that best suits your needs.
Open an account online
Opt for semi-autonomous investing by selecting products through our app or your online bank. Open an account and start contributing today.
Get in touch with an expert
Choose guided investing by booking an appointment with one of our advisors for personalized advice.
Manage your investments independently
Take the independent route with National Bank Direct Brokerage®, where you can access powerful tools to support your stock market investment decisions.
Want to learn more about saving?
We’ve got the answers to your questions in our Help centre and across our platform.
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