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Registered Retirement Savings Plan (RRSP)

Registered Retirement Savings Plan (RRSP)

What is an RRSP?

An RRSP (Registered Retirement Savings Plan) in an investment account that helps you prepare for retirement by growing your money and sheltering it from taxes. For every dollar you place into an RRSP, you can take a deduction against that year’s income. Plus, you don’t pay any taxes on your retirement savings until you withdraw them.

In addition to saving for retirement, you can borrow from your RRSP to help you afford your first home or to pay for education or training.

Benefits of an RRSP

Tax benefits

Contributions are tax-deductible and you don’t pay tax on any interest, dividends, or capital gains your investments earn.

Flexible contributions

You can carry over any unused contribution room, so it’s easy to strategically contribute more or less depending on your income.

Customized savings

Build an RRSP that fits your goals from a wide range of investment and savings options – including GICs, bonds, and ETFs.

Open an RRSP

Quick tip: If you're already a Member, you can open an RRSP through Online Banking. On your accounts page, just select "Add Investments" and choose "RRSPs". Sign in and get started.

Featured RRSP options

18-Month GIC

Perfect for shorter-term savings, this GIC is a great way to start building your RRSP.

High Interest Savings

A full-service savings account with a great rate to help your money grow faster.

3-year Raise the Rate GIC

A great long-term investment with the option to raise your rate, giving you more control over your savings.

Meet with an advisor

Want to chat with an advisor about building an RRSP that fits your retirement plans? Start the conversation – find a branch and book a meeting.

Find a branch

Contribution rules

Maximum contribution

18% of your previous year’s earned income, up to a maximum of $29,210 for 2022. ($30,780 for 2023).

Who can contribute

Canadian residents under the age of 71 with employment income and a tax return can contribute to an RRSP.

Unused contribution room

If you have unused contribution room at the end of the year you can carry it over and use it next year.

Withdrawal rules

There are tax consequences to withdrawing from your RRSP before you retire, so try to avoid it. If you withdraw early, the money you take out will be subject to a withholding tax and it’s counted as part of your income for that year (meaning you pay income tax on it). There are a couple exceptions. You can borrow from your RRSP to help pay for your first home under the federal Home Buyers' Plan. You can also use money from your RRSP to pay for training or education as part of the federal Lifelong Learning Plan.

Frequently asked questions

Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.