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What is an RRSP?

A Registered Retirement Savings Plan (RRSP) is a government approved plan that helps you grow your retirement savings faster. In an RRSP, the interest your savings earns is tax-sheltered until you withdraw the money during retirement. The funds that you contribute to an RRSP in a given year are also deducted from your annual income to help you save on the amount of income tax you pay now. An RRSP can also help you purchase your first home, or return to school, with special programs like the Home Buyers Plan and Lifelong Learning Plan.

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Key Information

  • Contributions are tax deductible therefore lowering your annual income and reducing the amount of income tax you will pay.
  • Contributions can be made until the end of the year in which you turn 71 years of age.
  • Carry forward unused contribution room.
  • Savings grow tax-free, which improves your return.
  • Withdraw money from your RRSP when you are in your retirement years at a lower tax rate.
  • The amount you can contribute to an RRSP includes your contribution limit for the current year, plus any carry-forward contribution room from previous years. Your annual Notice of Assessment from the CRA will provide you with this information.
  • There are many options for RRSP investments, including daily savings accounts, traditional term deposits, index-linked term deposits or mutual funds*.
  • Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).
More information

For more information download the brochure:
Your Guide to Understanding the Registered Retirement Savings Plan


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Planning to buy or build your first home?

The Home Buyers Plan allows you to withdraw up to $35,000 from your RRSP towards the down payment on your first home.  

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Returning to post-secondary education full time?

The Lifelong Learning Plan (LLP) allows you to withdraw up to $10,000 in a calendar year from your RRSP to finance full-time education for you or your spouse or common-law partner. The total LLP withdrawal limit is $20,000.

*Mutual funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently and past performance may not be repeated. ®Credential is a registered mark owned by Aviso Wealth Inc. NEI Investments is a registered trademark of Northwest & Ethical Investments L.P. ("NEI LP"). Northwest & Ethical Investments Inc. is the general partner of NEI LP and a wholly-owned subsidiary of Aviso Wealth Inc. ("Aviso").
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