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REGISTERED RETIREMENT SAVINGS PLAN

A dream retirement starts here.

We want to set you up for a long and enjoyable retirement. Our Registered Retirement Savings Plan (RRSP) is the ideal way to build your retirement fund. The best time to start planning and saving is now, so what are you waiting for?

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Why invest in an RRSP?

  • Powerful savings tool.

    It’s a retirement plan registered with the Canada Revenue Agency (CRA). An RRSP can help you save during your working years so that you can maintain your lifestyle once retired.

  • Shelters income from tax.

    All returns, such as interest, dividends and capital gains earned from the investments in your RRSP are non-taxable while they remain in the plan.

  • Reduces your taxable income.

    RRSP contributions are tax-deductible, up to a maximum allowable limit.

That’s not all. It gets even better.

Save now to reduce taxes later.

For most people, the income you’ll earn in retirement is less than your income when you’re working. By waiting until retirement to withdraw funds, you’ll access your savings when you’re in a lower tax bracket.

Invest early for greater growth.

The sooner you start contributing, the longer your money has to grow, tax-free. Make your savings work for you.

Carry forward unused contribution room.

If you can’t max out your contribution room, no problem. Catch up on unused contribution room from previous years at any time.

Split retirement income with a spouse.

Contribute to your spouse’s RRSP until age 71 to take advantage of income splitting when you retire. That way, you reduce your income when you contribute, and your spouse claims the income in retirement.

Can’t contribute? Apply for an RRSP loan.

If you take out a loan to contribute to your RRSP, the tax savings can help you pay back the loan. In the long run, the return on investment should exceed any interest you may have paid on the loan.

Fund your education or first home.

Use your RRSP for a Lifelong Learning Plan (LLP) or a Home Buyers’ Plan (HBP). Withdraw funds up to a maximum amount and pay back the loan, tax-free.

RRSP lowdown.

Features

The details

Who’s eligible

Canadian citizens who are less than 71 years old with earned income.

Investments

Cash accounts, term deposits, fixed-rate GICs, ActionGICs, mutual funds.

Access to funds

Funds can be withdrawn from an RRSP, depending on the type of investments you hold. The amount withdrawn is taxable at the time of the withdrawal and must be claimed as income on your taxes.


Note: The only way to withdraw tax-free funds from an RRSP is through the Home Buyers’ Plan (HBP) and the Lifelong Learning Plan (LLP).

Minimum investment

$500

Contribution limit

The annual contribution limit is the lesser of the two following items:


• 18% of your earned income from the previous year


• The annual RRSP limit

Learn more about RRSP contributions.

Unused contribution room

If you contribute less than your annual allowable limit, the difference will automatically be carried forward to the next year. Any amount you withdraw from your RRSP won’t be added to your contribution room.

Excess contribution

Excess contributions can’t be more than the lifetime cumulative limit of $2,000. The tax on the surplus is 1% per month and applies until you withdraw the surplus from the RRSP.

Contributing to your spouse’s RRSP

• You can contribute to your spouse’s RRSP until they turn 71.1


• The total amount that a taxpayer can contribute to a spouse or common law partner’s RRSP can’t exceed the maximum deductible limit for the year, including contributions to his/her own RRSP.

Account conversion

You can contribute to an RRSP until the end of the year when you turn 71. At that point, it must be converted to a Registered Retirement Income Fund (RRIF) or used to buy an annuity. With a RRIF, you’re required to take an annual minimum withdrawal, and all RRIF withdrawals are considered income for tax purposes.

Helpful tips and resources.

Your questions answered.

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