Accounts
Explore a variety of registered and non-registered accounts to optimize your savings and minimize taxes with Optiml. Whether you're planning for retirement, managing investments, or building a nest egg, we provide the right tools to help you achieve your financial goals
Tax-Free-Savings Account (TFSA)
- Total Lifetime Contribution Limit: $95,000 (as of 2024)
- Annual Contribution Limit: $7,000
- Tax Benefits: Earnings are tax-free
- Flexibility: Unused room carries over; withdrawals are added back next year
- Uses: Ideal for retirement, major purchases, and emergency funds
Registered Retirement Savings Plan (RRSP)
- Annual Contribution Limit: 18% of your previous year's earned income, up to a maximum of $31,560 (as of 2024)
- Tax Implications: Contributions are tax-deductible. Withdrawals are taxed as income
- Uses: Primarily used for retirement savings but can also be used under the Home Buyers' Plan (HBP) or Lifelong Learning Plan (LLP)
First Home Savings Account (FHSA)
- Total Lifetime Contribution Limit: $40,000
- Annual Contribution Limit: $8,000
- Tax Benefits: Earnings (interest, dividends, capital gains) are tax-free
- Flexibility: Unused contribution room carries over for 1 year
- Uses: Used for a down payment on your first home
Locked-In Retirement Account (LIRA)
- Funds typically transferred in from an Employer pension account
- Tax Implication: All funds, once withdrawn, are taxed as income
- Uses: Funds typically cannot be withdrawn until retirement. Great to ensure funds are available once in retirement and not spent early
Non-Registered Account
- No cap on contributions
- Tax Benefits: Pay taxes only on annual dividends and any capital gains when selling a stock
- Flexibility: No restrictions, unlimited flexibility
- Uses: Ideal for retirement savings, major purchases, and emergency funds. Typically used when registered accounts are maxed out, or when the registered benefits aren't worth the tax
Optiml™ knows how to use these best for you!
Sign up below to discover how to maximize your benefits from these accounts. You choose the investments, and we’ll take care of the taxes.
