Financial Literacy: Types of Investment Accounts in Canada: TFSA & RRSP
- PDF
- Easel Activity
Description
Teach your high school students (and yourself) about the three main types of investment accounts in Canada: Non-Registered, TFSA (Tax Free Savings Account), and RRSP (Registered Retirement Savings Plan).
• Each kind of account has important benefits and drawbacks.
• This guided lesson includes a graphic organizer for students to fill in and six realistic scenarios to stimulate discussion and apply knowledge.
• Answer key included.
Optional: You could start the lesson with information from this website:
https://www.wealthsimple.com/en-ca/accounts
Then give students the graphic organizer. They can research the pros and cons of each type of account themselves (individually or in small groups) OR you can walk them through it and project the completed chart on an interactive whiteboard. They will discover that each kind of account has important rules and regulations leading to specific benefits and drawbacks.
Next, six realistic scenarios are included for students to read and figure out which kind of account would be best. For example, what if you are under 18, or travelling outside of Canada for several years, or your employer will match some of your RRSP contributions? What if you want to save for a house or are a student? Which kind of account makes the most sense in each situation?
Complete Answer Key Included!
*Updated for 2024 with current TFSA limits*
