DIRECTORY: Linked investment service providers and wrap funds
A complete directory of tax-free Lisps available on the market. For each TFSA we include information on the risk level, underlying investments, costs and ideal investment period
Unit trusts can be invested in either directly or through two types of grouped funds: a linked investment service provider (Lisp) platform, or a wrapper type fund.
Lisps provide access to a wide range of unit trusts through one product, whereas unit trusts are available directly only if the provider has created a tax-free account facility.
Lisps allow you to invest in any unit trust and trade between them all within a single tax-free account. Using a Lisp entails an extra layer of fees, but tax-free Lisp providers have kept these to a minimum.
Tax-free wrapper funds are similar to Lisps in that they offer a range of underlying unit trusts in which to invest, but usually only from the service provider.