CI Direct Investing offers many account types to meet your financial needs. This article is designed to help you figure out which ones are right for you.
Here are the most common types of CI Direct Investing accounts that you can benefit from:
RRSP - An RRSP (Registered Retirement Savings Plan) is a tax-advantaged registered account that’s typically used to save for retirement. Contributions are tax-deferred until withdrawals are made and investments in the account grow tax-free. Learn more about how RRSPs work.
TFSA - A Tax-Free Savings Account is a tax-advantaged registered account that can be used for any purpose and allows your investment to grow tax-free forever. Learn more about TFSAs.
RESP - An RESP (Registered Education Savings Plan) is a registered account that lets parents, family or caregivers save for kids’ post-secondary education. Money in the account grows tax free and various government grants are available to match a portion of contributions. Learn more about how RESPs work.
RDSP - An RDSP (Registered Disability Savings Plan) is a registered savings plan for people with disabilities or caregivers saving on their behalf for long term expenses. Beneficiaries eligible for the disability tax credit can benefit from generous government grants and bonds paid into the RDSP.
Savings Account - Our free High Interest Savings Account is available to existing CI Direct Investing clients. Your money earns a great rate with no fees or strings attached!
Non-Registered Accounts - These general investment accounts have no limitations on contributions and withdrawals. This is a great choice if you’ve maxed out your RRSP and TFSA and want to continue investing, or if you’re a Canadian living overseas and you want to keep contributing to investments while you’re away. We offer individual and joint accounts.
These accounts go by many different names, including taxable accounts, open accounts, investment accounts, non-registered accounts, cash accounts, and more.
These are the accounts we offer for clients with specific financial needs:
RRIF - Once you’re ready to take withdrawals from your RRSP in retirement, you’ll convert the account into a Registered Retirement Income Fund. An RRSP must be converted to a RRIF the year you turn 71, with minimum required payments starting no later than the following year. The minimum payments are determined by your age or the age of your spouse, and gradually increase as a percentage of the account balance each year.
LIRA - A LIRA (Locked-In Retirement Account) is a registered account designed to hold locked-in pension funds for former pension plan members. This could be relevant to you if you were previously contributing to a pension and have since switched employers.
LIF - If you hold a LIRA, once you meet the eligible age requirements (which vary in different provinces), you’ll be able to convert your LIRA to a LIF (Life Income Fund) to take regular withdrawals.
Corporate - We offer non-registered investment accounts for those want to hold funds under a business name.
Group RRSP - This is a company-sponsored plan that allows businesses to help their employees save. Your employer will let you know if you’re eligible for this account.
Formal In-Trust - This is an account set up based on a legal trust document that specifies how funds are to be used for a beneficiary such as a child or grandchild.
Informal In-Trust - This is a non-registered account that can be opened by a parent on behalf of a minor child without a legal trust document.
IPP - An IPP (Individual Pension Plan) is a tax-deferred alternative to an RRSP that may be useful for business owners and executives.
PPP - A PPP (Personal Pension Plan) is a type of combination pension plan that provides even more tax advantages and flexibility than an IPP and is supervised by a fiduciary.
Additional account types may be available. For instance, other non-corporate non-personal entities like charitable foundations, societies, and sole proprietorships can also open non-registered investment accounts at CI Direct Investing. If you don’t see the account you’re looking for here, let us know and we’ll be happy to help!
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