Registered Retirement Savings Plan (RRSP)

Registered Retirement Savings Plans (RRSP) are government-approved investment accounts designed to help you save for your retirement

Contributions to your RRSP are tax deductible up to an annual limit, which means saving for your tomorrow helps you today. RRSPs are tax sheltered so your earnings aren’t taxed until you withdraw your money – usually during your retirement. Earnings are compounded onto the principal so your investment grows quickly.

What else can I use my savings for?

You might think RRSP savings are only for retirement, but there are actually two other ways for you to use your money and benefit from reducing your taxable income.

Home Buyers’ Plan

The Home Buyers’ Plan allows you to withdraw up to $35,000 from your RRSP tax-free to use as a downpayment on your first house. You’ll then have 15 years to repay your RRSP without penalty! Learn more

Lifelong Learning Plan

The Lifelong Learning Plan allows you to withdraw up to $10,000 a year from your RRSP to help fund your (or your spouse’s) post-secondary education. The maximum amount that can be withdrawn over a four-year period is $20,000. You’ll then have 10 years to repay your RRSP without penalty.

Interested in how you can benefit from an RRSP?  Let’s talk! Stop by one of our locations or give us a call at 1.866.863.6237. We’re available 7 days a week to help you!

Looking to learn more? Find it here:

  • How much do I need to retire?

  • When should I start my RRSP?

  • How much can I contribute?

  • How will my RRSP be taxed?

  • Can I contribute to an RRSP that isn’t mine?

  • How safe is my RRSP?

  • How do I open an RRSP?

  • Can I renew my RRSP online?