RRSP Benefits

Why is a Retirement Savings Plan your best opportunity to save for a worry-free retirement?

Tax Benefits Expand/Collapse

An RSP can give you the benefit of a tax deduction today with the peace of mind of growing your savings tax-sheltered in our safe, secure, and competitive term deposits. Anyone with earned income, subject to Canadian taxation, including non-residents, can contribute to an RSP.

Family Benefits Expand/Collapse

You may contribute to your own RSP, or you may choose to make part or all of your contribution to a plan in your spouse's or common law partner's name. You, as the contributor, are still entitled to the tax deduction, but the plan will be owned by your spouse or partner. This allows you to split the income from the plans with your partner upon retirement or withdrawal.

Buying Your First Home Expand/Collapse

Buying your first home? You can withdraw up to $25,000 from your RSP - tax-free - to buy your first home. You then have 15 years to repay it.

Going Back To School Expand/Collapse

Going back to school? You can withdraw up to $20,000 of your RSP to pay for your own or your spouse's or common-law partner's education, and in many cases it is tax-free. You have 10 years to repay it.

Carry Forward Unused Deduction Room Expand/Collapse

If you don't claim your maximum RSP deduction, you can carry forward the unused deduction room indefinitely. If you don't have the cash to contribute now, you can make larger catch-up contributions in future years. But remember, you maximize your retirement savings by making each RSP contribution as early as possible.

Make Contributions Any Time During the Year Expand/Collapse

You can make contributions any time during the year. Contributions made during the first 60 days of any year may be deducted for the current or the immediately preceding taxation year.

Looking For More Information? Expand/Collapse

Looking for more information? Download our Member Retirement Services - Understanding All the Basics or Member Financial Fitness - Planning For Your Retirement guides today!

Also visit Canada Revenue Agency's website for even more information about RSP's and related products