Our Services - Registered Retirement Savings Plan (RRSP)

Savings Plan

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

Individual RRSP

Individual RRSP

Registered in your name. Investments held in RRSP and the tax advantages that come along with it belong to you.

Spousal RRSP

Spousal RRSP

Registered in the name of your spouse or common-law partner. You contribute to it but they own the investment.

Group RRSP

Some employers offer Group RRSPs to help their employees save for retirement. The way they work can vary depending on the company and it is designed to encourage you to save while you work.

Snapshot of RRSPs


2023 Contribution Limit – or 18% of your earned income the previous year, whichever is lower.


Age at which contributions stop.


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Taxes on your investment growth are only paid when withdrawn.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  • You have 15 years to pay back the amount withdrawn, interest-free.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.

Learn more about the RRSP

Having a dialogue with your advisor early will help you assess the tax implications and a retirement path that aligns with your long-term goals.