[Verse 1] Sarah's got a paystub, eighteen percent deducted RRSP room builds up when income's constructed Eighteen grand ceiling, unused space carries forward Spousal contributions when his earnings fall awkward Home Buyers' Plan lets you borrow twenty-five Pay it back in fifteen or your taxman comes alive [Chorus] Registered accounts, sheltered from the storm RRSP defers, TFSA transforms RESP for education, FHSA for your door RDSP for disability, tax advantages galore Room to grow, penalties to know Five accounts that make your money flow [Verse 2] Tax-Free Savings maxes out at six thousand yearly Over-contribute and you'll pay one percent dearly Qualifying investments, stocks and bonds approved GICs and mutual funds get your wealth improved Withdraw today, replace next January first TFSA flexibility puts other plans in reverse [Chorus] Registered accounts, sheltered from the storm RRSP defers, TFSA transforms RESP for education, FHSA for your door RDSP for disability, tax advantages galore Room to grow, penalties to know Five accounts that make your money flow [Verse 3] Education savings gets a government boost CESG matches twenty percent, your contributions juiced Canada Learning Bond for families with less income Fifty thousand lifetime max, then your room is done Withdraw the grants first, then your principal Educational assistance payments taxed in his control [Bridge] First Home Savings Account, the newest on the block Forty thousand total, eight thousand annual stock FHSA combines the best of both worlds we've known Tax deduction going in, tax-free coming home [Verse 4] Disability Savings Plan for those who qualify Government grants and bonds can multiply Three to one matching on your first thousand saved Income-tested bonds for families financially paved Holdback period keeps the money locked in place Ten years minimum for that government embrace [Outro] Five registered buckets for your financial plan Each one serves a purpose, understand the span Contribution limits, penalties, and grants Master these accounts for your wealth's advance
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