Registered Retirement Savings Plan (RRSP)
An RRSP is a government-registered plan with special tax benefits designed to help you save for the retirement you dream about.
Why invest in an RRSP?
Reduce your tax
Contributions to your RRSP reduce your taxable income, which is especially helpful during your peak earning years.
Grow your savings faster
Your RRSP is tax-deferred, so investment income isn’t taxed until it’s withdrawn in retirement – likely at a lower tax rate.
Fund education or a first home
You can borrow from your RRSP savings to fund continued education or supplement your first down payment without penalty.
Contribute until you’re 71
You can make annual contributions to your RRSP until December 31 of the year you turn 71.
Flexible investing options
Your RRSP can hold numerous different investment types, including term deposits and mutual funds.
Explore your RRSP investment options
Variable Rate Deposits
-
Minimum Deposit: $500 (new), $500 (subsequent)
-
Option to withdraw funds at any time (fees may apply)
-
Automatic RRSP contributions available
Select Image
Fixed Term Deposits
-
Minimum Deposit: $1,000
-
1-5 year terms
-
Non-redeemable prior to maturity
-
Competitive rates guaranteed for the term
Select Image
Mutual Funds
Professionally managed mutual funds are offered through our partner, Credential® Asset Management.Select Image
Ready to get set up?
Select Image
TFSA vs RRSP: What’s the difference?
Both an RRSP and TFSA offer tax advantages by allowing you to accumulate investment income tax-free within the plan or account, but they have key differences:
RRSP
Tax deductible
RRSP contributions reduce your income for tax purposes.
Withdrawals are taxed
RRSP withdrawals are added to your income and taxed based on your tax bracket at the time.
Age limit
You can make RRSP contributions until December 31 of the year you turn 71.
Withdrawal restrictions
You can only withdraw for retirement income, to continue your education or supplement your first home down payment.
Select Image
TFSA
Not tax deductible
TFSA contributions don’t reduce your income for tax purposes.
Withdrawals are not taxed
TFSA withdrawals and growth are tax free and not included in your income.
No age limit
You can contribute to your TFSA from the age of 18 onwards for as long as you like.
No withdrawal restrictions
Withdrawals can be made at any time for any purpose without penalty.
Select Image
Save faster for any goal
A car, a vacation, a home – no matter your goal, you can save faster to reach it with a Tax Free Savings Account.
Fund your children’s bright future
Set aside savings for your child's schooling boosted by grants provided by the federal and provincial government.
RRSP vs TFSA calculator
Explore which tax-smart solution can help you reach your goals faster.