Get retirement ready with an RRSP
A Registered Retirement Savings Plan (RRSP) will help you retire comfortably. With an RRSP, you can invest money when you can most afford it – during your peak earning years – to build up a comfortable tax-sheltered retirement fund.
Insurable deposits in registered accounts have unlimited deposit insurance coverage.
Enjoy the benefits of an RRSP
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 2020 is 18% of your earned income from the previous year OR $27,230, whichever is lower.
Put the power of investing to work for you
Compare the TFSA and RRSP.