Registered Retirement Savings Plan (RRSP)


Contribution Deadline


March 1, 2017, is the deadline for contributing to an RRSP for the 2016 tax year.


Investing in a Registered Retirement Savings Plans (RRSP) is a great strategy for now, and for later: it’s a tax cutting tool for the money you earn today, and a capital growth tool for the money you’ll need in retirement.

For most people, an RRSP is a good place to invest all through your working years, up to the age of 71.

Why Invest in an RRSP? Expand/Collapse

  1. Contributions: Your contributions are tax deductible and could provide you with a tax refund
  2. Tax Savings: Investments in a Registered Retirement Savings Plan are tax sheltered. Consider making your RRSP contribution earlier in the year or on a monthly basis. The sooner and more consistently you contribute, the more time your money has to grow tax sheltered.
  3. Investments: Earnings on RRSP investments aren’t taxed until withdrawn

Eligible Products Expand/Collapse

Choose from a range of investments to hold in your Registered Retirement Savings Plan (RRSP):

If you're not sure what is best for you, speak to one of our financial experts.

*Mutual funds are offered through Credential Asset Management Inc. and mutual funds and other securities are offered through Credential Securities Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, cash balances, mutual funds and other securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Mutual funds and other securities are not guaranteed, their values change frequently and past performance may not be repeated. Credential Securities Inc. is a Member of the Canadian Investor Protection Fund.

Investing in an RRSP Expand/Collapse

  • Investment Savings Account:
    This high-interest savings account is ideal if you want to contribute to an RRSP but haven't decided how to invest it yet. Just park your funds in our RRSP account and you'll still enjoy the immediate tax savings while your money starts to grow.
  • RRSP Loans:
    If you've got some unused RRSP contribution room, an RRSP loan will help fill it up nicely. Hey, when the government offers you a break, you might as well make the most of it.

  • Term Deposits: 
    Your investment stays safe and secure, and you get a guaranteed rate of return. Sit back, relax, and make money.

  • Index Linked Term Deposits:
    With the ups and downs of the stock market these days, it's reassuring to know you can still get security in your investments. These products get you the potential returns and growth of the markets, while keeping your original investment 100% safe. Many of our Index Linked Term Deposits offer a guaranteed minimum rate of return.

  • Regular Automatic Deposits:
    Pick an amount that suits you and a Pre-Authorized Contribution automatically deposits regular payments into your RRSP from your account of choice. Perfect if you can't make a lump-sum payment. Plus, you'll avoid the RRSP season rush.

  • Self-Directed RRSP:
    If you're a take-charge kind of person who enjoys making your own informed choices on a variety of investments, a Self-Directed RRSP will help you organize them all into one easy-to-manage portfolio.

  • Customized Portfolio Solutions:
    Our Financial Planners will help you choose specific investments that match your financial goals and have the greatest potential for growth. So when you're all grown up, your money will be too.

Comparison: TFSA vs RRSP Expand/Collapse

TFSA

RRSP

At what age can I start contributing? You must be 18 years old and a Canadian citizen. When you have declared income and filed a tax return.
How much can I contribute per year? $5,500* (2017 limit) 18% of the previous year's income
If I put in less than the limit one year, can I make up for it the next year? Yes Yes
Can I make tax-free withdrawals? Yes, anytime. No. Subject to withdrawal taxes.
Can I top up again after withdrawals? Yes No
Are these savings tax deductible? Deposits are not but earnings and withdrawals are tax-free. Yes, and tax-sheltered until withdrawn.
Is the interest I earn tax-sheltered? Yes Yes

Example: RRSP Contributions Expand/Collapse

RRSP Contributions Example*

Annual Investment $1,000 $5,000 $10,000
Years
10

$13,972

$69,858

$139,716

20

$38,993

$194,964

$389,927

30

$83,802

$419,008

$838,017

*Example assumes 6% annual compound return.

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