Registered Retirement Savings Plan

You don't have to be close to retirement to start planning.

What Is An RRSP?

A Registered Retirement Savings Plan (RRSP) is a government-registered plan that lets you defer income tax until after retirement when you are typically earning less income and are likely in a lower tax bracket.

Anyone in Canada that has a valid SIN, files a tax return and earns employment income can open an RRSP. The age limit for RRSP is 71. You can contribute until December 31 of the year you turn 71.

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RRSP Options

Just because it uses the word 'retirement', doesn't mean you should wait years to start!

An RRSP is perfect for:

What Investment Products Can I Put In An RRSP?

Your RRSP can contain the following investment products and accounts, where the tax on any gains will be deferred until the money is withdrawn:

  • Guaranteed investment certificates (GICs)

  • Cash (Investment Account*)

  • Mutual funds

  • Treasury bills

  • Bonds

  • Equities

  • Exchange traded funds

  • High-interest savings account

How Do I Invest?

Below are ways to invest your funds either as a self-directed investor or with professional assistance.

In Branch

An in-branch advisor can help you get started. Book an appointment online, by phone, or in-person at a branch.

Personalized Advice

Our dedicated wealth advisors will provide personalized financial plans to keep your financial goals on track.

Online/Mobile Investing

Self-manage your investments through Qtrade Direct Investing™ or get them professionally managed through VirtualWealth®.

RRSP Contributions And Withdrawals

  • RRSP contributions are tax-deductible, meaning that they can be deducted on your current year's tax return, potentially reducing the total amount of taxes you pay.

  • While RRSPs can be effective vehicles to save for retirement; making withdrawals from these tax-advantaged plans before retirement may impact your tax bill - this is subject to certain exceptions.

Kick-start your RRSP contributions and gain important tax breaks with an RRSP.

Contribution limit for the 2021 tax year: $27,830

Contribution limit for the 2022 tax year: $29,210

Contribution limit for the 2023 tax year: $30,780

Contribution limit for the 2024 tax year: $31,560

Unused contribution room can be carried forward.

The contribution limits are 18% of previous year's income to the maximum contribution limit for each year.

Your Retirement Savings Plan (RRSP) can be converted into a retirement income at any time, but no later than the end of the calendar year in which you turn 71.

A Registered Retirement Income Fund (RRIF) lets you make withdrawals as you need and the remaining balance is still tax‑sheltered. While you are required to make a minimum withdrawal each year, there are no other limits on withdrawals and the balance of your savings can continue to grow tax-free (until withdrawn).

A Spousal RRSP is a retirement savings tool that a married or common‑law couple can use to save for retirement and lower their taxes. It lets couples split their income after they retire.

By contributing to a Spousal RRSP, the higher‑earning spouse receives a tax deduction that could lower their personal tax bill for the year, while the lower‑earning spouse would get taxed at a lower marginal tax rate when the money is withdrawn from the Spousal RRSP. When the lower‑income spouse retires and begins to draw on the income, their lower tax rate can be helpful in managing your tax burden as a couple. At the same time, the tax deduction on contributions made by the higher-income spouse may allow for more immediate tax relief.

Estimate your retirement income and determine if your retirement plan is on track. Learn how much you could save or borrow to meet your needs.

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Withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.

Registered Retirements Income Fund (RRIF)

Continue to grow your retirement income on a tax-deferred basis until you withdraw them.

Mutual Funds

No matter where you are in your journey, we provide access to a diverse group of mutual funds through Credential Asset Management Inc. that can help you match your savings goals.

Mutual funds and related financial planning services are offered through Credential Asset Management Inc. Online brokerage services are offered through Qtrade Direct Investing, a division of Credential Qtrade Securities Inc. Qtrade and Qtrade Direct Investing are trade names and trademarks of Aviso Wealth. Qtrade Guided Portfolios is a trade name of Credential Qtrade Securities Inc. Aviso Wealth Inc. ('Aviso') is a wholly owned subsidiary of Aviso Wealth LP, which in turn is owned 50% by Desjardins Financial Holding Inc. and 50% by a limited partnership owned by the five Provincial Credit Union Centrals and The CUMIS Group Limited. The following entities are subsidiaries of Aviso: Credential Qtrade Securities Inc. (including Credential Securities, Qtrade Direct Investing, Qtrade Advisor, Qtrade Guided Portfolios and Aviso Correspondent Partners), Credential Asset Management Inc., Credential Insurance Services Inc., Credential Financial Strategies Inc., and Northwest & Ethical Investments L.P.

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