Registered Retirement Savings Plan (RRSP)
An RRSP is one of the best ways available for Canadian investors to save for their retirement while helping them lower their income tax payments. Anyone who is employed and expects to be in a lower tax bracket when they retire should invest in RRSP's.
All contributions you make for the last year up until March 1 of the next year can be deducted from your income. Your tax return will be calculated by the sum of your contributions x your marginal tax rate. The cash inside the plan can be used to purchase a wide variety of financial instruments such as GIC's, mutual funds, segregated funds, stocks or bonds. Any interest, dividend or capital gain accrued inside the account will not be taxed until that money or investment is withdrawn. The power of your RRSP is the ability to let your investments compound tax free.
Your tax return is not free money; RRSP's are a tax deferral tool where you are taxed at your marginal rates when you withdraw. When it comes time for you to retire, you will most likely be in a lower tax bracket than when you were working.

Locked in RRSP or LIRA
A Locked-in RRSP or LIRA, the name depends on the province you live, is a Registered Retirement Savings Plan. You can transfer locked in money from a registered pension plan into this type of RRSP. The interest accumulates tax free until funds are paid out. You cannot withdraw money from a locked-in RRSP until at least age 55 and no later than the year in which you turn 71. At that time, you must transfer funds from the locked-in RRSP to an approved financial vehicle option such as a LIF or a LRIF that provides a lifetime stream of retirement income.

Registered Retirement Income Fund (RRIF)
A RRIF is an account designed to give a source of income to retirees. Since an RRSP cannot be kept past the age of 71, the funds from there usually roll over into a RRIF. In a RRIF, the capital and interest will accumulate tax free but once you withdraw from it you are subject to tax. You can withdraw any amount of money from the fund at any time but if you go over the minimum allowed you will have to pay various degrees of withholding tax.

Non Registered
Non registered investment accounts allow Canadian citizens to save money for the long term. These accounts only tax the capital gains earned inside the account at 50% of the accountholder's top marginal tax rate. Non-registered accounts have no contribution limits. It is wise to have both registered and non-registered investments. If you have not reached age 72, you can generate the income you need from non-registered investments before converting your RSP into a RIF. This will allow you to continue to tax-shelter your RSP funds until they are needed.

Segregated Fund
A segregated fund is an investment fund that you hold within an insurance contract. Like mutual funds, segregated funds provide you with access to diversified investment portfolios but you are offered certain guarantees on your capital. Your insurance contract dictates the protection you receive, for example you may have a guarantee of 75% or 100 % on your capital.
The term "segregated" refers to the fact that your investment is held separate from the general assets of the insurance company

Tax Free Savings Account (TFSA)
The Tax Free Savings Account or TFSA is an account that provides tax benefits for saving in Canada. TFSA's are not deductible for income tax purposes. Investment income, including capital gains, earned in a TFSA is not taxed, even when withdrawn. These accounts are not like a savings account where they let you move money in and out at will. Your best option is to use your TFSA for money you don't need in the near future.

Registered Education Savings Plan (RESP)
A RESP allows savings for a child's post-secondary education to grow tax free in a plan registered by the Government of Canada until they enroll. Contributions to the plan can earn a 20% grant (or more for lower income families) from the government.  The lifetime maximum for grants per child is $7,200. The most that can be contributed to a RESP is $50,000. Every year there is a total of 2 years of contribution room. You can make a contribution for the current year and 1 for past years where contributions were not made. Tax receipt are not issued for the contributions, so no income is taxable in the account.  The savings can be withdrawn tax-free but are subject tax under the student's income.

Annuities (Life and Term)
A financial institution makes guaranteed regular income payments based on a single lump sum deposit. The client's income payments will be a combination of interest and a return of principal. The deposit calculation is based on your age and your spouse's (if applicable), current interest rates, the length of pay-out time, and the single lump sum used to purchased the annuity. Life Annuities can provide you with income to you and your spouse for the rest of your lives. A Term Annuity provides a guarantee of regular income for a specific time frame. Income payments stop when the period is over and the annuity contract ends. If you happen to die too early depending on the insurance company, they may make payments for the remainder of specified time to your beneficiaries.