Wealthsimple RRSP
Open a Registered Retirement Savings Plan account
Start saving for your future self. And reduce your taxable income while you’re at it.
Playing the long game pays off — invest through an RRSP and grow your money without paying tax until retirement or withdrawal.
Key features of an RRSP
Any money added to your RRSP is deducted from your annual taxable income at tax time.
4 million Canadians save, grow, and trade here. You’re invited to join them — open an RRSP today.
TFSA , RRSP or FHSA: Which account is right for me?
RRSP | TFSA | FHSA | |
|---|---|---|---|
| Helps you save for | Retirement | Big purchases or retirement | Your first home |
| Eligibility | 18-71 years old | 18+ | First time home buyers |
| Annual contribution limit | 18% of previous year's income, up to $33,810 | $7,000 for 2026 | $8,000 (up to a max of $40,000) |
| Tax impact on contributions | Deducted from taxable income | None | Deducted from taxable income |
| Tax impact on withdrawals | Taxed as income (with some exceptions) | Growth and withdrawals are tax-free | Growth and withdrawals towards your first home are tax-free |
| Contribution deadline | 60 days after December 31 | December 31 but can carry forward | December 31 |
| Government benefits | Withdrawals may impact other government benefits based on income | No impact on other benefits | No impact on other benefits |
| Withdrawal stipulations | Must withdraw to RRIF at 71 | None | None |
| Still have questions? | Open this account | Learn about this account | Learn about this account |
How to use your RRSP
With Managed investing, we do the heavy lifting. Tell us your goals and timeline and we’ll invest your money in a diverse range of assets.
How much you contribute to your RRSP depends on your income from the previous year and any unused room carries forward year after year. In 2026 you could add up to
in new room, or 18% of last year's income, whichever is less
Transfer your RRSP to Wealthsimple. It’s easy, painless, and often, we’ll cover any transfer fees.
Video showing the Wealthsimple app's account transfer process.
No paperwork. No branches. Start in minutes.
FAQs
Who should open an RRSP?
Who should open an RRSP?
An RRSP is a smart choice for anyone who wants to save for retirement, but if your employer already has a matching program (GRSP), it’s always a good idea to take advantage of it.
If that’s not the case for you, an RRSP is a good option if you’re making more than $50,000 and you’re comfortable putting money away for the long-term.
Couples with vastly different income levels should consider opening a Spousal RRSP to maximize tax benefits for both partners.
You must be 18 years old to be eligible to open and invest in an RRSP. And once you turn 71, your RRSP will need to be converted to a RIF.
What investment can I hold in a RRSP?
What investment can I hold in a RRSP?
RRSPs can hold a number of different types of investments including stocks, ETFs, bonds, GICs, mutual funds, and cash.
Are there different ways I can invest using a RRSP?
Are there different ways I can invest using a RRSP?
Yes, and that flexibility is a major perk. Here are 3 ways you can use an RRSP to reach your goals, whatever they may be:
- With Managed investing, we do the heavy lifting. Tell us your goals and timeline and we’ll invest your money in a diverse range of assets.
- Independently trade stocks and ETFs with a Wealthsimple Trade account, which allows you to buy and sell over 14,000 stocks and ETFs commission-free. You can automate your investments, and start trading right away with up to $250,000 in instant deposits.
- Open your RRSP as a high interest savings account. You can earn up to 2.25% interest on your savings without the risk of stock market fluctuations — and you can withdraw at any time, too.
How do I transfer an existing RRSP to Wealthsimple?
How do I transfer an existing RRSP to Wealthsimple?
Good thinking. You can transfer your RRSP to Wealthsimple by following these easy steps. Better yet, if you move more than $25,000, we’ll cover your transfer fees. Conditions apply.
What is RRSP contribution room and how does it work?
What is RRSP contribution room and how does it work?
Think of contribution room as the amount you’re allowed to put into your RRSP each year. You can contribute up to 18% of your earned income from the previous year, up to that year's contribution limit. So if 18% of your income works out to $42,000, but the limit is $33,810, you can only contribute up to $33,810.
The amount of new contribution room you get can change from year to year, and if you don’t use it all, the unused amount carries forward indefinitely.
What’s my RRSP contribution room?
What’s my RRSP contribution room?
For 2026, your RRSP contribution room is the lesser of:
- 18% of the income you earned in 2025 (like your salary, self-employment income or rental income), or
- $33,810, the annual maximum for 2026
Then add any unused room you carried forward from previous years.
You can find your exact amount in CRA My Account or on your latest Notice of Assessment.
What makes a Wealthsimple RRSP different from the big banks?
What makes a Wealthsimple RRSP different from the big banks?
The RRSP itself works the same way as any other RRSP, but Wealthsimple gives you more ways to make it work for you. You can choose your own stocks and ETFs, have your portfolio managed for you, or automate your investing all in one app. And you can open and manage your RRSP entirely online, without needing to pencil in a trip to the bank.
