Canadian personal finance
Who takes the tax (the cra)
Canada has a tax agency. It is called the CRA.
Each year, people in Canada file a tax return.
A tax return reports the money you earned.
You owe tax on the money you earn.
The CRA collects that tax.
The CRA also runs special savings accounts.
These are called registered accounts.
Money inside them grows with less tax, or no tax.
A registered account is just a savings account with a fancy name.Tap to reveal
The name hides the real difference. A plain account is taxed on what it earns each year. A registered account grows with less tax, or none. The tax rule is what makes it special, not the account itself.
Two accounts each earn $100 in one year. One is plain, one is registered. Which one might let you keep the full $100?
This module covers three registered accounts.
These three accounts come up later. Match each name to its full meaning.
Tap one side, then its match
The next sections explain each account, one at a time.