Registered Retirement Savings Plan

A Registered Retirement Savings Plan (RRSP) ¹ is a retirement plan that is registered with the federal government and that you or your spouse or common-law partner can establish and contribute into until the end of the year when the plan holder turns 71.

Deductible RRSP contributions can be used to reduce your tax. Any income you earn in the RRSP is exempt from tax for the time the funds remain in the plan. However, you generally have to pay tax when you cash in or receive payments from the plan.

Primary investment options for an RRSP account:

Mutual Funds
Segregated
GICs & Term Deposits

Other qualified RRSP investment options

If you have questions about investment choices for an RRSP account – that is not listed above – contact our office for more information.

Spousal RRSPs

With a spousal RRSP, you can direct part or all of your maximum allowable contribution to an RRSP in your spouse’s name. A spousal RRSP will help you save tax during retirement through income splitting, since the income eventually created from the funds will then be taxed at your spouse’s lower tax rate.

Withdrawal Options

You can withdraw from RRSPs to buy or build a home for yourself or for someone who is related to you and is disabled. (Home Buyers’ Plan). Please note that restrictions apply.

You can withdraw from RRSPs to finance training or education for you or your spouse or common-law partner. (Lifelong Learning Plan)

¹CRA, Government of Canada

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