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​REGISTERED RETIREMENT SAVINGS PLAN (RRSP)

Save for your retirement while reducing the taxes you're paying now.

Benefits of an RRSP

✔ Pay less income tax
✔ Borrow from yourself
✔ Investments are tax sheltered

What is an RRSP?

Your RRSP is a savings account dedicated to your retirement. The money you put into it is tax deductible and grows tax sheltered. Inside your RRSP, you can hold eligible products such as Term Deposits, Index-Linked Term Deposits, Mutual Funds* and more.


​How Does it Work?

You only pay tax on the money you take out in retirement and you can contribute until you’re 71. Money can be used early to buy a house or pay for school, as long as you pay it back over a certain period of time.

Open an RRSP Today

Our Investment Solutions Centre makes opening an RRSP easy.

Contribute to Your RRSP Today

Already have an RRSP? Make a contribution by transferring within Online Banking.

See How You Can Grow Your RRSP


TFSA vs RRSP

What's the difference? Compare the benefits.


TFSARRSP
carry forward contribution room?YesYes
taxed on growth within the account?NoNo
Tax-Free withdrawalsYesNo
Tax deductible contributions?NoYes
Term Deposit or Mutual fund eligible?YesYes
unused room carry forward?YesYes
Annual maximum contribution limit?Yes*Yes**
Do withdrawals count towards contribution limit?Yes***No



*TFSA limit $6,000 in 2021, $75,500 since 2013.
**RRSP contribution limit 18% of gross income.
***Yes, withdrawals will only be added back to your TFSA contribution room at the beginning of the following year.

Credential

*Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments and the use of an asset allocation service. Please read the prospectus of the mutual funds before investing. Unless otherwise stated, mutual funds and other securities are not insured nor guaranteed, their values change frequently and past performance may not be repeated. Credential Securities is a registered mark owned by Aviso Wealth Inc.

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Invest Your Way

When you're ready to invest, we're here to help.