Type of Savings – cms.reflectiveteam.com

What it is: An RRSP is a Canadian savings account designed for retirement. Contributions are tax-deductible, and the investments grow tax-deferred until retirement when they are withdrawn.
Bankruptcy Protection: In most cases, RRSPs are protected from creditors during bankruptcy, except for any contributions made in the last 12 months prior to filing.
Portability: RRSPs are portable and can be transferred between financial institutions without penalty. However, you must ensure that it stays within an RRSP structure to maintain its tax benefits.

What it is: An RESP is a tax-advantaged account that helps parents save for their child’s post-secondary education. Contributions are not tax-deductible, but earnings grow tax-deferred.
Bankruptcy Protection: RESP accounts are protected from creditors in bankruptcy, but this is subject to specific terms. Funds that have been withdrawn for the benefit of the beneficiary may be at risk.
Portability: Like RRSPs, RESPs can be transferred between financial institutions.

What it is: A GIC is a low-risk investment offered by banks where you deposit a fixed sum of money for a set period in exchange for guaranteed interest.
Bankruptcy Protection: GICs are not inherently protected from creditors in bankruptcy, as they are considered an asset. However, if they are held within an RRSP or another registered account, they could be protected under the same conditions as those accounts.
Portability: GICs are not portable in the sense that you cannot easily transfer them before maturity without penalties, but they can be cashed out and reinvested in other accounts or institutions.

What it is: A LIRA is an account that holds pension funds that have been transferred from a registered pension plan after leaving an employer. Funds in a LIRA cannot be accessed until retirement.
Bankruptcy Protection: LIRAs are protected from creditors under most circumstances because they are considered pension funds.
Portability: LIRAs are portable between financial institutions, but the locked-in status remains, and the funds cannot be accessed until retirement.

What it is: A LIF is a type of registered account that allows you to receive regular payments from the funds in a LIRA. It’s designed to provide a stream of income during retirement.
Bankruptcy Protection: Like a LIRA, a LIF is typically protected from creditors in bankruptcy because it is considered retirement income.
Portability: LIFs are portable between financial institutions, though you must follow specific rules governing the withdrawal amounts.

What it is: A DCPP is a pension plan where contributions are made by the employer, but the employee receives the benefits at a later time, usually after retirement.
Bankruptcy Protection: DCPP funds are generally protected from creditors during bankruptcy, as they are considered pension benefits.
Portability: DCPPs can be transferred to another pension plan or a locked-in account (like a LIRA) if the employee changes jobs.

What it is: A TFSA is a Canadian savings account where investment income is earned tax-free, and contributions are not tax-deductible. Withdrawals are also tax-free.
Bankruptcy Protection: Funds in a TFSA are not protected from creditors in bankruptcy, as it is considered an asset you own.
Portability: TFSAs are fully portable between financial institutions without tax penalties, as long as the transfer is made in kind (i.e., transferring assets in the same form).

Protected from creditors: RRSP, RESP, LIRA, LIF, DCPP (in most cases, unless contributions were made recently).
Not protected: GICs (unless in RRSP), TFSA (not generally protected unless in specific circumstances).