A smart way to save for life after work
Reduce your yearly tax bill now
Any money you put into an RRSP within the contribution limit is deducted from your annual income — meaning a nice discount for you at tax time.
Withdraw at a lower tax rate later
Any growth in your account is tax-free until withdrawal. When it comes time to withdraw in retirement, you’ll get to do so at a lower tax rate.
Pay for education or a home
The Home Buyer’s Plan and Lifelong Learning Plan let you withdraw limited amounts from your RRSP before retirement.
Get to know the RRSP
Annual contribution limit for 2023, and unused portions can carry forward to the following year.
The percentage of last year’s income you can contribute to your RRSP, provided it doesn’t exceed the annual limit set by the government.
The age of eligibility to open and invest in an RRSP. Once you turn 71, your RRSP will need to be converted to a RRIF.
A big perk of RRSPs: your unused contribution room carries over year after year without expiring.
Who should open an RRSP?
If your employer has a matching program (GRSP), it’s probably a good idea to take advantage of it.
You may want to open an RRSP if you’re making more than $50,000 and you’re comfortable putting money away for the long-term.
Lastly, couples with vastly different income levels could consider opening a Spousal RRSP to maximize tax benefits for both partners.
Ways to invest with an RRSP
Have your portfolio managed by our advisors
With Managed investing, we do the heavy lifting. Tell us your goals and timeline for your FHSA, and our in-house advisors will invest your money in a wide range of assets across the market.
Independently trade stocks and ETFs
A Self-directed investing account gives you total control over where your money is invested. Buy and sell over 9,000 stocks and ETFs commission-free, automate your investments, and start trading right away with up to $50,000 in instant deposits.
What’s the difference between an RRSP and a TFSA?These accounts are two common ways to save up for life’s big expenses. The good news: you don’t have to choose one or the other.
|Helps you save for||Retirement||Big purchases or retirement|
|Eligibility||18-71 years old||18+|
|Annual contribution limit||18% of previous years income up to $30,780||$6,500 for 2023|
|Tax impact on contributions||Deducted from taxable income||None|
|Tax impact on withdrawals||Taxed as income (with some exceptions)||Growth and withdrawals are tax-free|
|Contribution deadline||60 days after December 31st||December 31st but can carry forward|
|Government benefits||Withdrawals may impact other government benefits based on income||No impact on other benefits|
|Withdrawal stipulations||Must withdraw to RRIF at 71||None|
We make retirement saving simple
Start investing in minutes
Open your account without any bank appointments or paperwork. Making your contributions (or withdrawing when the time comes) only takes a few taps.
Speak to a human any time
Questions about your RRSP? Reach out to our team 7 days a week by phone, chat, or email to get help from real, friendly, humans.
Keep more of your returns
Whether you’re picking your own stocks or letting us manage the investing, you won’t need to worry about high fees eating into your returns.