Woody Allen said that "80 per cent of success is showing up." Unfortunately, that's not the case when it comes to investing for your future. A better motto might be "success is 20 per cent inspiration and 80 per cent perspiration." In the future, anything is possible but it takes a little hard work and a solid financial plan.

A registered investment plan is a disciplined way to make your money grow, whether you're saving for your golden years or an income to draw from in retirement. That's because the growth of your investments, if registered, is protected from immediate taxation. Money is only taxed - as income - when it is removed from the plan.

The snowball effect...

Think of your registered and non-registered investments as two separate snowballs perched at the top of a hill. As the registered snowball tumbles down the hill, it gathers speed and size. Unfortunately, as the non-registered snowball rolls, it is stopped repeatedly by the government who demands a snow tax and a substantial cut of the rolling growth.

At the bottom of the hill, the non-registered snowball is bigger than it was at the top, but not as big as it could've been had it rolled uninterrupted. On the other hand, the registered snowball has grown to its full potential - a credit to its uninterrupted journey.

Registered plans for you...

There are two types of registered plans that will help you achieve tax savings and long-term, rolling growth:

A Registered Retirement Savings Plan provides a great way to ensure the retirement you want by giving your investments safe haven from taxes until you want the money.

A Registered Retirement Income Fund will provide you with a set yearly income - determined by you to suit your goals - once you turn 71. Similar to a Registered Retirement Savings Plan, your investments compound tax-free as long as they remain in your retirement income fund.

The information provided herein is general in nature and is intended to highlight various tax planning issues. The information should not be construed as legal or tax advice. You should consult with your advisors, lawyer and tax professionals for advice before employing any of these strategies.