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A Registered Retirement Savings Plan (RRSP) provides you with tax advantages to grow your money faster while you are working.
RRSPs were introduced by the federal government to encourage Canadians to save for retirement. It’s a good idea to take advantage of an RRSP because it’s the biggest tax break available to us.
A full range of short to long-term Guaranteed Investment Certificates (GICs) are RRSP-eligible.
Diversify your RRSP investments like an expert with direct access to our wealth advisors through FirstOntario Wealth Connect in partnership with Credential Asset Management Inc. and Credential Securities.
Discover the advantages of income splitting
A spousal RRSP can be a tax-effective way for you to save. If you or your partner have a significantly higher income now, or expect to in the future, you should connect with an advisor and see what your options are.
The contributing partner defers taxes paid on their annual income tax.
Your overall tax bill is reduced by keeping both spouses in a lower tax bracket once in retirement.
If you’re over 71, you can no longer contribute. But as long as your spouse is 71 or younger, you can contribute to their Spousal RRSP and still claim a tax deduction.
Your spousal RRSP contribution, when combined with your personal RRSP contribution, cannot exceed your personal RRSP deduction limit.
|LONG TERM NON-REDEEMABLE GICS*||Rate|
|RRSP AND RRIF SAVINGS ACCOUNTS*||Rate|
|$0 - $1,000.00||
|$1,000.01 - $10,000.00||
|$10,000.01 - $25,000.00||
|$25,000.01 - $50,000.00||
|$50,000.01 - $100,000.00||
*Rates are subject to change at any time. Conditions apply.
If you qualify as a first-time home buyer, you can use up to $35,000 from your RRSP to help pay for your new home as part of the federal government’s Home Buyers' Plan (HBP). Your spouse or partner can do the same, which would give you a total of $70,000.
You don’t have to pay tax on this withdrawal, but you do need to pay it back within 15 years.
Find all the details about the HBP on the Government of Canada’s website.
This program allows you to withdraw up to $10,000 in a calendar year from your RRSPs to help finance education costs for you or your spouse/common-law partner. You cannot withdraw more than $20,000 in total.
As long as you meet the Lifelong Learning Plan (LLP) conditions every year, you can withdraw amounts from your RRSPs until January of the fourth calendar year after the year you made your first LLP withdrawal.
More details about the LLP can be found on the Government of Canada’s website.
Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.