Registered Retirement Savings Plan (RRSP)
An RRSP is an excellent way to save for your retirement while deferring taxes at the same time.
A Registered Retirement Savings Plan (RRSP) is a government-approved plan through which you save money for your retirement years. Your contributions, within limits, are tax deductible and the income earned is tax-sheltered. An RRSP enables you to invest money when you can most afford it—during your peak earning years— to build up a comfortable retirement fund.
Who is Eligible?
Anyone with earned income subject to Canadian taxation may contribute to an RRSP. Even if you are not taxable, you should file a tax return to report your earned income and create RRSP deduction room.
You can contribute to a plan in your spouse’s name and still be entitled to the tax deduction. Contributions can be made until the end of the year of the planholder’s 71st birthday. An over-contribution can be deducted in subsequent years providing you have earned income on which to base the deduction.
RRSP Investment Options
Variable Rate RRSP
This type of RRSP ensures that your investment keeps pace with current interest trends. Interest rates are reviewed and adjusted regularly so you benefit from the most competitive rate.
Fixed Rate RRSP
A Fixed Rate RRSP provides the security of knowing your rate of return is guaranteed for a fixed period of time. You can choose the term that best fits your plans.
Look at our current competitive Rates & Terms on RRSPs.