Registered Retirement Savings Plans
and Registered Retirement Income Funds
RRSP: Maximize your retirement savings
A Registered Retirement Savings Plan (RRSP) is designed primarily for long-term retirement savings. Contributions to an RRSP are tax-deductible, which means you can lower your taxable income now, while the investments within the account grow tax-deferred. You’ll only pay taxes when you withdraw the money, which is ideal if you expect to be in a lower tax bracket during retirement.
RRSPs also offer some flexibility with programs like the Lifelong Learning Plan or the Home Buyers’ Plan, which allows you to withdraw money tax-free for your first home purchase (if repaid on schedule).
When to Use an RRSP
- Retirement Savings: Perfect for long-term savings, particularly if you’re saving specifically for retirement.
- Tax Deductions Now: Contributions are tax-deductible, which can lower your taxable income today.
- Tax Deferral: You won’t pay taxes on the money you invest until you withdraw it, ideally when you’re in a lower tax bracket during retirement.
- Home Buyers’ Plan: Withdraw funds for your first home with no tax consequences, if repaid on schedule.
- Contribution Limits: Based on your income, RRSPs often allow for larger contributions than TFSAs.
Key Benefits of RRSP and RRIF
Tax Savings
Lower your taxable income with each contribution.
Contribute to your retirement with tax advantages that help grow your savings.
Tax-Deferred Growth
Your investments grow without being taxed right away.
Make the most of tax-deferred growth for long-term financial security.
Flexible Withdrawals
Flexible withdrawal options to fit your retirement needs.
Access your funds without significant penalties in some cases.
Retirement Security
Build a financial safety net for your future.
Enjoy a variety of investment choices to suit your goals.
RRSP Loans
We offer exceptional rates to help you reach your goals
If you have unused RRSP contribution room from previous years or you need to borrow a lump sum for just this year’s contribution, an RRSP loan can help you catch up and take advantage of the tax savings and investment growth opportunities of an RRSP.
Converting Savings to Income
Registered Retirement Income Fund (RRIF)
A RRIF is designed to provide a steady income during retirement, using the funds you’ve saved in your RRSP. Once you’re ready to retire, you convert your RRSP into an RRIF to start withdrawing income.
- Income Stream: A RRIF allows you to withdraw a set amount each year to provide a steady stream of retirement income.
- Flexible Withdrawals: You can decide how much income to withdraw each year (above the government-set minimum), offering flexibility in your retirement planning.
- Tax Deferral: Like an RRSP, your funds grow tax-deferred until withdrawn, with taxes payable only when you receive your income.
Investing Calculators
Our handy calculators will help you plan how much to set aside for your goals and how long it will take to reach them.
Investing Rates
Take a look at our current, competitive interest rates for our investment solutions.