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Registered Retirement Savings Plan
What is an RRSP?
An RRSP is a retirement savings plan that you create, which we officially register, and to which either you, your spouse, or common-law partner can make contributions. Contributions made to the RRSP qualify for a deduction on your taxes can help lower your overall tax liability. Typically, any income generated within the RRSP is not subject to taxation as long as the funds stay within the plan; tax obligations usually arise when you start receiving payments from the plan.
RRSP contributions & withdrawals
RRSP contributions
You can make contributions of up to 18% of your earnings from the prior year, subject to an annual maximum limit established by the Income Tax Act and Regulations. Additionally, any unutilized contribution room from previous years can be carried forward.
RRSP withdrawals and taxes
RRSPs provide a tax-advantaged way to save money, allowing you to postpone taxation on your investments and the earnings generated from those investments until you decide to make withdrawals.