You can invest your money in different types of savings accounts. But what’s the difference between a registered and non-registered account? To help you make the right choice, we’ll break them down for you.
Non-registered account
Maximize your savings by investing beyond registered accounts
What is a non-registered account?
A non-registered account allows you to grow your savings.
It’s a flexible savings account that, depending on your choice of investment, gives you the option to make deposits or withdrawals at any time.
Ideal if you want to:
- Easily save for all your important projects
- Save for retirement beyond the contribution limits of your registered accounts
- Have surplus money work for you
Good to know
With a non-registered account, you must pay tax on the income generated, or capital gains when they are realized. You pay tax on investment earnings as they are realized rather than on the withdrawals you make.
What are the differences between a registered and non-registered account?
Registered account
Registered plans and accounts offer exclusive tax benefits, the main one being tax-free savings. However, depending on the account (RRSP, TFSA, RESP, FHSA, etc.), certain conditions may apply.
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Tax advantages
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Annual contribution limits
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Limited holding period
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Withdrawals may be taxable
Non-registered account
A non-registered account has no government tax benefits, and the income generated is taxable. However, this type of account offers great investment flexibility.
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No contribution limits
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No holding limits
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Flexible withdrawals
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Taxable earnings
Expert advice:
While the flexibility of a non-registered account may be attractive, consider maximizing your TFSA, RRSP, RESP, or FHSA first to take advantage of their tax benefits.
Consult your latest notice of assessment from the Canada Revenue Agency (CRA) to find out what your contribution limits are.
Our investment products for your non-registered account
Grow your non-registered account by investing your money in investment products that match your goals.
Cash Advantage Solution
Ideal for protecting your savings while benefiting from an interest rate that increases across different tiers.
Guaranteed Investment Certificate (GIC)
Ideal if you’re looking for a secure investment that offers a pre-determined return.
Portfolio Solutions
Ideal for investing in a full, diverse ronge of mutual funds.
How do I open a non-registered account with National Bank?
Are you already a National Bank client and have access to your online bank? Simply sign in to contribute now.
Open a non-registered account from your online bank
Complete the secure online form to contribute to your non-registered account.
Open a non-registered account through our online brokerage platform
Are you an independent investor? Fill in the secure online form to contribute to your non-registered account from your brokerage account.
Want to discuss it?
Meet with an advisor to find the right solution for all your needs.
Need more information about your savings?
Find the answers to your questions in our Help
centre or check out our
articles to help guide you in the right direction:
What are the best strategies to pay less tax?
What
tax credits are available for retirees?
What's
the difference between registered and non-registered
plans?
What
happens if my RRSP contribution exceeds the limit?
What
happens if I overcontribute to my TFSA?
Is
there a penalty if I go over the FHSA’s contribution
limit?
What
happens to my RESP if my child doesn’t continue studying?
Have you maximized your registered accounts?
RRSP
Defer your income tax until the time of withdrawal. An ideal solution for planning your retirement.
TFSA
Enjoy tax-free savings, even when you withdraw.
RESP
Save for your children's post-secondary education. As a bonus, you can take advantage of government grants.
Check out our available savings plans and types of investments.
We’re here to support you
Let's talk about non-registered accounts
Meet with us to find investment solutions tailored to your needs.
Find a branch
Find a National Bank branch near you.
Do you have additional questions?
Check out our Help centre and get the answers you’re looking for.
Little details that matter
To learn about the fees associated with the non-registered account, please consult the Fee Guide – Personal Banking Solutions under Other Fees.
To learn about our process for notifying you of fee increases or new fees, please refer to the Interest and Fees section of our Personal Bank Holding Agreement.
If you are dissatisfied with our service, please consult our Complaint settlement page.
