🏖️ RRSP

RRSP — Save for Retirement & Pay Less Tax Now

The Registered Retirement Savings Plan lets you deduct contributions from your taxable income today, while your investments grow completely tax-sheltered until retirement.

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What Is an RRSP?

Canada's Premier Retirement Savings Vehicle

A Registered Retirement Savings Plan (RRSP) is a government-registered account that allows you to save for retirement with significant tax advantages. Contributions are deductible against your income — meaning they reduce your taxes owing immediately.

The contribution limit is 18% of your previous year's earned income (to a maximum of $31,560 in 2024). Unused room carries forward indefinitely, meaning you can catch up later if you haven't been contributing.

Contributions are tax-deductible (reduce taxes now)
Investments grow completely tax-sheltered
Unused room carries forward forever
Home Buyers' Plan: borrow $35,000 for first home
Lifelong Learning Plan: borrow for education
Convert to RRIF at age 71

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Key Benefits

Why the RRSP Is Powerful

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Immediate Tax Savings

Every dollar contributed to your RRSP reduces your taxable income by a dollar. At a 40% marginal rate, a $10,000 contribution saves you $4,000 in taxes immediately.

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Tax-Sheltered Compounding

Your investments grow without annual taxation. Over 30 years, tax-sheltered compounding dramatically outperforms a taxable account with the same returns.

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Home Buyers' Plan

First-time homebuyers can withdraw up to $35,000 from their RRSP tax-free to buy a home (with 15-year repayment). Combined with FHSA, this is extremely powerful.

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Lifelong Learning Plan

Withdraw up to $10,000/year ($20,000 total) from your RRSP tax-free for eligible education, with repayment over 10 years.

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Spousal RRSP

Contribute to a spousal RRSP to split income in retirement, reducing your combined tax burden significantly when both partners draw retirement income.

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Flexible Investments

Hold mutual funds, ETFs, GICs, stocks, bonds, and more inside your RRSP. I'll help you choose an investment mix that matches your risk tolerance and timeline.

Frequently Asked Questions

RRSP Questions Answered

The RRSP contribution deadline is 60 days after December 31 — usually March 1st of the following year. Contributions made in January or February can be applied to the previous tax year.

It depends on your current and expected future income. Generally: RRSP is better if you're in a high tax bracket now (deduct at high rate, withdraw at lower rate in retirement). TFSA is better for lower incomes or if you expect your retirement income to be high. I'll help you choose the right mix.

Yes — spousal RRSP contributions are a powerful income-splitting strategy. You contribute (and get the deduction) into your spouse's RRSP, reducing future retirement income disparity between you.

You must close your RRSP by December 31 of the year you turn 71. Typically this means converting it to a RRIF (Registered Retirement Income Fund) which provides regular income payments in retirement.

You can withdraw at any time, but withdrawals are added to your income and taxed in the year of withdrawal. Withholding tax is also applied at withdrawal. There are no penalties beyond the income tax implications.