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Registered Retirement Savings Plan (RRSP)
A Registered Retirement Savings Plan (RRSP) is a registered investment account that lets you save for retirement while your money grows on a tax-deferred basis.
RRSPs can hold a variety of investments including mutual funds, equities, guaranteed investment certificates (GICs).
There is no minimum age for opening an RRSP (those under 18 can set one up with their parent or guardian).
You can set up and contribute to an RRSP as long as you have:
- Contribution Room
- File a Tax Return
- Employment Income
RRSP Types
Snapshot of RRSPs
$30,780
2023 Contribution Limit – or 18% of your earned income the previous year, whichever is lower.
71
Age at which contributions stop.
$35,000
Maximum amount you can borrow to purchase your first home.
March 1, 2024
Deadline for 2023 tax year.
Any Investment Made Into An RRSP Will Grow Tax-Free!
Learn more about the ways that opening an RRSP can benefit you.
Contributions are Tax Deductible
Deduct the amount you contribute from your taxable income and lower your tax bill.
Tax-Deferred Investment Growth
Taxes on your investment growth are only paid when withdrawn.
Spousal RRSP Contributions
Contributing to your spouse’s RRSP can have many tax benefits.
Carry Forward Unused Contribution Room
Unused contribution room is carried forward to the next year so you don’t miss out.
RRSPs - A Versatile Savings Vehicle
Planning For Retirement
RRSPs are one of the most popular ways to save for retirement. Reinvest your tax savings and benefit even more!
Buying Your First Home
Use the Home Buyers Plan (HBP) to help fund the purchase of your first home!
- Withdraw up to $35,000 per person (couples can withdraw a total of $70,000).
- Repayment begins two years after withdrawal.
- You have 15 years to pay back the amount withdrawn, interest-free.
Going Back To School
If you decide to go back to school you can withdraw from your RRSP using the Lifelong Learning Plan (LLP) to help finance it.
- Withdraw up to $10,000 each year to help finance qualified educational expenses for you, your spouse or common-law partner.
- Maximum lifetime withdrawal of up to $20,000 over a period of no more than four years, if you meet the criteria.
- To fund your children’s education, learn more about the RESP (link to RESP page).
Withdrawals from your RRSP
RRSPs are a flexible investment vehicle, and an account holder may withdraw money at any age, but this may have an impact on your tax bill. It is important to understand the potential costs of withdrawing from an RRSP before or at maturity so that you can best prepare for your future retirement goals.
Mandatory Withdrawal
Your RRSP reaches maturity on the last day of the calendar year that you turn 71. There are various options to consider at that time and it is important to keep a couple of things in mind.
Turning age 71? Withdrawal Options
Lump Sum Withdrawal
Withdraw the full amount but there may be tax consequences.
Convert RRSP to RRIF (Registered Retirement Income Fund)
Gives you steady payout during retirement.
Purchase an Annuity
Annuities can be bought with a lump sum or through multiple payments over time.