Registered Retirement Savings Plans (RRSPs)
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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.
We’re here to help you plan your contributions and invest your RRSP assets effectively.
Features of an RRSP
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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.
Pay less income tax
The contributing partner defers taxes paid on their annual income tax.
Take advantage of income splitting
Your overall tax bill is reduced by keeping both spouses in a lower tax bracket once in retirement.
Defer taxes over 71
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.
How much can you contribute?
Your spousal RRSP contribution, when combined with your personal RRSP contribution, cannot exceed your personal RRSP deduction limit.
- If you are a Canadian taxpayer 71 years of age or younger, you can make annual contributions up to 18% of your earnings up to a limit set by the federal government.
- Find your personal RRSP contribution limit for the current year on your previous year's Notice of Assessment.
- View your refunds, returns and limits online or mobile using the Canada Revenue Agency (CRA) My Account.
- Call the CRA T.I.P.S. line at 1-800-267-6999 from mid-September through to the end of April. You’ll need your Social Insurance Number, date of birth and total income from line 150 of the previous year's income tax return.
You can also use our Retirement Planning Calculator to gain more insight.