There are plenty of options for your savings and choosing the right one for your situation will help you make the most of it. One of the first places to consider investing in is a retirement savings plan (RSP). An RSP is an investment account designed to help you to grow your retirement savings, and your contributions reduce your taxable income. You can hold equities, bonds and most mutual funds in an RSP. Another good choice is a tax-free savings account (TSFA). Inside a TSFA gains and investment income are not taxed, and unlike an RSP, your money is not taxed when withdrawn. Non-registered options will have different tax implications. Depending on what your situation, an RESP or paying down your mortgage may be good uses for your extra cash.

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