A Registered Retirement Savings Plan (RRSP) is a powerful tool for Canadians to save for retirement while reducing their current tax bill. Contributions are tax-deductible, and your investments grow tax-deferred until withdrawal.
2026 RRSP Contribution Limit: 18% of your previous year's earned income, up to $32,490
Deadline: First 60 days of the year (contributions count for previous tax year)
Deadline: First 60 days of the year (contributions count for previous tax year)
Key Benefits of an RRSP
Tax Deductions
Contributions reduce your taxable income, potentially resulting in a significant tax refund.
Tax-Deferred Growth
Your investments grow tax-free inside the RRSP until you withdraw them in retirement.
Home Buyers' Plan
Withdraw up to $60,000 tax-free from your RRSP to buy your first home.
Lifelong Learning Plan
Withdraw up to $20,000 to finance education for you or your spouse.
How RRSP Tax Savings Work
When you contribute to an RRSP, you reduce your taxable income. For example:
- If you earn $80,000 and contribute $10,000 to your RRSP
- Your taxable income becomes $70,000
- At a 30% marginal tax rate, you save $3,000 in taxes
- In retirement, you'll pay tax on withdrawals - ideally at a lower tax bracket
RRSP Investment Options
- Mutual Funds and ETFs
- Stocks and Bonds
- GICs (Guaranteed Investment Certificates)
- Segregated Funds with insurance guarantees
Maximize Your Retirement Savings
Our advisors will help you choose the right RRSP strategy for your retirement goals.
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