You make big bucks, and we will assist you in keeping them safe!

Saving is always a wise move as after working hard for years, you deserve to have all the luxuries without breaking a sweat. More than that, growing money can give you peace of mind. As there are different plans and strategies available for savings, we at Xoro Life are here to guide you about two of the Registered Retirement Savings Plan and Tax-Free Savings Plan. 

Registered Retirement Savings Plan

RRSP or Retired Savings Plan is a government plan. It can pave the way for a tax-free savings plan till retirement. This plan can simplify creating cash flow for your present needs with tax returns. Along with you, your law partner can also contribute to it. In simpler terms, it is a tax-deferring tool. The focus point is to have a lower tax rate during retirement compared to the times you are working. An income generated through RRSP is exempted from tax with funds staying in the plan. However, if you withdraw money ( unless under certain exceptions), you will be entitled to paying tax.

Tax-Free Savings Plan

TFSA stands for Tax-Free Savings Account. It started in 2009 as a method to lay the foundation for Canadians of 18 years of age and over to save money without taxes for their whole life. It won't be wrong to call it an investment vehicle instead of a savings account. The sum contributed and income generated in the account, including capital gains and investment income, are free from tax at the time of withdrawal. The difference between both the investment methods lies in the taxation method when you access your money in the end.

Where do we step in?

When opting for a savings plan, you can find yourself surrounded by a plethora of questions. It is necessary for you to resolve them before investing in any of them. That is where we come into action! We at Xoro Life intend to be your investment partners in Vancouver. With our team of experienced professionals in investment and insurance, we can help you with the essentials of these plans. We will make sure to walk every step of investment with you!

Why should you choose us?

It is essential to choose the right investment tool. Similarly, it is also necessary to find the right professionals to guide you with it. At Xoro Life, we take pride in showcasing our expertise. We have a team of professionals who can assure that all your needs are met. We have been serving for years and assuring that our clients make the best out of every penny you invest.

Any queries? Reach us here

+1 (236) 512-0355


The investment options in the Registered Retirement Savings Plan and Tax- Free Savings Account are the same. It can include Savings, Bonds, GICs, Exchange Traded Funds, Mutual Funds, and stocks. You can reach us to learn about the concept in detail.
Yes, after reaching the age of 71, you won't be able to make RRSP contributions. However, there is an exception! It is when you contribute to the spousal RRSP of your partner for the case when your spouse is younger than you. On the other hand, TFSA does not have any age limit.
Both the plans can permit you to name a beneficiary. If you are married, you can avail of the tax benefits for naming him/her as the beneficiary for Registered Retired Savings Plan. The same applies to Tax-Free Savings Account, but the term used will be Successor Annuitant.
When it comes to TFSA, the government sets the annual limit, which stays the same for everyone. When it comes to RRSP, the limits are set on the basis of the income of the previous year. It can allow the contributors to come up with a different amount for RRSP
For accumulating contribution room with TFSA, you need to be above 18. However, in the case of RRSPs, you can start it as early as you begin working and file for an income tax return.
No, you won't lose the contribution room if you stop contributing in TFSA and even in RRSP. Instead, it gets carried forward. The Canada Revenue Agency keeps track of the limits of both alternates.

You can reach us anytime with your queries!

We understand that the idea of investing can come with various doubts. Don’t you worry, we are all ears for them!

Head office address:

3556 Hartford Way Vlg, Mount Pleasant, SC, 29466, Australia.

Call for help:

+1 (236) 512-0355

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