These are investment products offered by insurance companies that combine the growth potential of a mutual fund with the security of an insurance contract. Segregated funds are similar to mutual funds but offer additional benefits such as principal protection guarantees and death benefits. Segregated funds are important because they can help investors protect their principal investment while also providing the potential for growth. The principal protection feature of segregated funds can be particularly attractive to investors who want to participate in the stock market but are concerned about potential losses.

These are investment vehicles designed to help parents save for their children's post-secondary education. RESP contributions are made on a tax-deferred basis, and the investment earnings grow tax-free until the beneficiary withdraws the funds for education expenses. RESP grants, such as the Canada Education Savings Grant (CESG), are also available to eligible beneficiaries. RESP contributions are not tax-deductible, but the investment earnings are taxed in the beneficiary's hands, typically at a lower rate. RESP accounts are important because they provide a tax-efficient way for parents to save for their children's education and can help ensure that their children have access to the education they need to succeed.

RRSPs (Registered Retirement Savings Plans) are investment accounts that allow Canadians to save money for their retirement while enjoying tax benefits. Contributions to RRSPs are tax-deductible, meaning that they can be used to reduce taxable income for the year in which they are made. Any investment income earned within an RRSP is tax-free until it is withdrawn, at which point it is subject to taxation.

TFSAs (Tax-Free Savings Accounts) are investment accounts that allow Canadians to save money and earn investment income tax-free. Contributions to TFSAs are made with after-tax dollars, meaning that they cannot be used to reduce taxable income. However, any investment income earned within a TFSA is tax-free, and withdrawals from the account are also tax-free.