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Registered Retirement Savings Plan (RRSP)

Make your golden years even brighter by saving up today.

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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

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.

$31,560

Annual contribution limit for 2024, and unused portions can carry forward to the following year.

18%

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.

18-71

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.

Unlimited carry-over

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.

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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 RRSP, and we’ll build you a custom portfolio with 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.
Attribute
RRSP
TFSA
Helps you save forRetirementBig purchases or retirement
Eligibility18-71 years old18+
Annual contribution limit18% of previous years income up to $31,560$7,000 for 2024
Tax impact on contributionsDeducted from taxable incomeNone
Tax impact on withdrawalsTaxed as income (with some exceptions)Growth and withdrawals are tax-free
Contribution deadline60 days after December 31stDecember 31st but can carry forward
Government benefitsWithdrawals may impact other government benefits based on incomeNo impact on other benefits
Withdrawal stipulationsMust withdraw to RRIF at 71None

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.

Transferring your RRSP is easy

Have an existing account somewhere else? We’ll make sure everything is transferred without any extra penalties, and reimburse the first transfer fees charged by your brokerage when you transfer more than $5,000.

Contact our team

Take the work out of retirement saving

Open your RRSP without any paperwork or visits to a bank, and start saving up for retirement today.