Government-sponsored plans designed to support retirement and home ownership. Offer tax deferral or deduction benefits, but come with contribution limits, withdrawal rules, and locked-in features.

FHSA (First Home Savings Account)

• Use Case: For first-time home buyers under age 71.
• Benefits: Combines RRSP-style deductions with TFSA-style withdrawals.
• Limit: $8,000 annual contribution; $40,000 lifetime.
• Consideration: Must be used for qualified home purchase within 15 years or transferred to RRSP/RRIF.

LIRA (Locked-In Retirement Account)

• Use Case: Holds pension money from a former employer’s defined benefit or defined contribution plan.
• Restrictions: Withdrawals only allowed after conversion to a LIF/RLIF; cannot withdraw freely.
• Jurisdiction: Governed by provincial/federal pension laws based on where the pension was earned.

LRSP / RLSP (Locked-in RRSP / Restricted LSP)

• Use Case: Similar to LIRA, for federally regulated pension transfers.
• Note: RLSP is specific to federal rules and often has slightly different conversion options.

RSP (Registered Retirement Savings Plan)

• Use Case: Primary tax-deferred savings account for retirement.
• Benefit: Contributions reduce taxable income; investments grow tax-free until withdrawn.
• Withdrawals: Taxable and impact income in the year of withdrawal.
• Special Programs: Can be used for FHSA and Lifelong Learning Plan (LLP).

Spousal RSP

• Use Case: Income splitting for couples with unequal income in retirement.
• How it works: Higher-earning spouse contributes, lower-earning spouse withdraws in future.