Accounts

If you want to make your money work for you, then you have to make sure it’s in the right account. Some accounts are for retirement, some are for short-term savings, some have tax advantages. Sound confusing? It’s actually not. We swear. Let us show you the way.

Everything You Need to Know About Tax Free Savings Accounts (TFSAs)

By Andrew Goldman

A Tax Free Savings Account is not only one of the great wonders of the world, it’s also one of the great misnomers of the English language. Why is that? Well, it’s so much more than a boring savings account.

What is an RRSP? Registered Retirement Savings Plan Explained 2022

By Andrew Goldman

An RRSP happens to be the most important account for every Canadian who hopes to build a nice little retirement nest egg. Read on to learn everything you need to know open one and start investing.

Chequing vs Savings Account

By Luisa Rollenhagen

What's the difference between a savings and chequing account — we compare them both and let you in on the pros and cons of each.

RESP (Registered Education Savings Plan): What It Is & How It Works

By Andrew Goldman and Luisa Rollenhagen

An RESP is a tax-free savings account for a child’s future education, funded by the Canadian government. Here’s how to save using an RESP.

What is a Corporate Account?

By Andrew Goldman

It's the answer to a question as old as the CRA. Find out what a corporate account is and why you might use one.

What's a LIRA?

By Andrew Goldman

It's an account that lets you roll over money from a pension account after you leave your job.

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Other resources

TFSA Calculator

Our free TFSA calculator will help you understand how much your TFSA could be worth and how much tax you could save. Get started by telling us about your current TFSA contributions.

RRSP Calculator

Our free RRSP calculator will help you can contribute to an RRSP and what it could be worth. Get started by telling us about your current retirement savings.

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Chequing vs Savings Account

By Luisa Rollenhagen

What's the difference between a savings and chequing account — we compare them both and let you in on the pros and cons of each.

What is a Self-Directed TFSA & How Does It Work?

By Danielle Kubes

In a self-directed TFSA, you can pick and manage investments yourself and they grow tax-free for life. Learn how self-directed TFSAs work.

RESP (Registered Education Savings Plan): What It Is & How It Works

By Andrew Goldman and Luisa Rollenhagen

An RESP is a tax-free savings account for a child’s future education, funded by the Canadian government. Here’s how to save using an RESP.

Business Accounts in Canada

By Luisa Rollenhagen and Katherine Gustafson

Business accounts are a critical part of a business’s financial framework. Here’s what you need to know.

RSP vs RRSP: What's The Difference?

By Lisa MacColl

What's the difference between an RSP vs RRSP? An RSP is any type of taxed advantaged registered account and an RRSP is one for retirement.

SimpleTax's New RRSP Calculator

Say hello to our updated RRSP calculator!