With a Registered Retirement Savings Plan, you can invest money when you can most afford it – during your peak earning years – to build up a comfortable tax-sheltered retirement fund.
Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).
Lower your tax – Contributions are tax deductible, so investing in an RRSP will reduce your annual income tax.
Grow your money – Your earnings grow tax-free until you withdraw them in retirement.
Invest what you can – Even small automated payments from your chequing account will add up to a substantial contribution over time, with no stress.
Contribute until you’re 71 – Make annual contributions up to 18% of your income, up to the age of 71.
Borrow from your RRSP – You can borrow a portion of your RRSP to fund continued education or the purchase of your first home.
Hold a number of investments – Qualified investment such as term deposits, investment savings accounts, stocks and mutual funds can be held in your RRSP.
Your tax-deductible RRSP contribution for 2023 is 18% of your earned income from the previous year, or $30,780, whichever is lower.
Compare the TFSA and RRSP.
No matter your retirement plans, we can answer all of your questions and help you maximize your retirement savings.
Use our RRSP calculator to estimate how much your retirement savings will be worth when you reach retirement, and how much income you can plan to receive.
