Discover the benefits
Understand RRSPs
Take advantage of your RRSP
Benefits
How you'll benefit
Start your RRSP early and set yourself up for future success.
Below are the advantages you have with an RRSP.
- Lower your income tax bill today — pay later in your retirement years
- Withdraw money in your retirement years at a lower rate
- Receive gains within an RRSP that are tax sheltered
- Access funds early to buy a home or to put towards post-secondary education
- Receive fully insured deposits
Understand RRSPs
Education and Mortgage
Starting an RRSP when you're young can be extremely beneficial
to your other long-term goals.
Why you should start an RRSP young:
-
Education — Using the government’s Lifelong Learning
Plan (LLP), you can use up to $20,000 in funds from your RRSP to pay tuition for an approved full-time program in Canada. - Homeownership — If you seek homeownership in your
future, an RRSP can help you get there faster.
Using the Home Buyers’ Plan, you are able to use up to $35,000 of
your RRSP towards the down payment on your first home.
Take advantage
Compound Interest and Risk
Why you should start an RRSP young:
- Potential with compounding interest — the interest you earn from your RRSP gains even more interest which means the earlier you start, the more you earn.
- Take risks for higher returns — Investing early gives you more options on how you want to use your RRSP, and what to invest in as well.
If you're young, you can take higher risk investments and potentially gain higher reward. Discover the ways an RRSP can benefit you.
Our best rates for you
Non-Redeemable
18 Month
4.80
Variable Savings
$25,001 and over
.25
Investor Savings
$5,001 and over
1.40
PayDay RRSP
3-Year Term
3.75
Tools & Resources
Discover more
RRIF
The Registered Retirement Income Fund (RRIF) provides flexibility to decide how much income to draw.
RESP
The Registered Education Savings Plan (RESP) allows you to save for your child's post-secondary education.
Plan for retirement
Enjoy the best years of your life. Learn more about preparing a retirement savings plan, insurance, and applying for a pension.
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Georgia Van R.
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