Maximize your savings for retirement
Contributing to an RRSP helps provide financial security in your retirement years. With an RRSP, you pay less in taxes and build a larger retirement income for your future.
Key benefits:
- Make tax-deductible contributions
- Enjoy tax-free earnings
- Withdraw funds for your home or education
- Catch up on contributions
- Invest in a variety of options for all types of investors
- Convert to a RRIF by age 71
Key features:
- Contribute annually up to 18% of your previous year’s income, up to the yearly limit
- Contribute up to 60 days after the end of each year
- Carry forward unused annual contributions
- Make spouse or common-law partner contributions
RRSP vs TFSA
Retirement Savings Plan vs Tax-Free Savings Account
A TFSA is a savings option that allows you to access funds, without penalty, when you need them. While an RRSP is more of a long-term savings option for retirement, where early withdrawals are taxed.
Retirement Savings Plan:
- Investment income earned can grow tax-deferred
- Tax breaks for annual contributions
- No tax on earnings
- Contribute to a spousal RRSP
Tax-Free Savings Account:
- Designed to save for short or long-term goals
- A registered savings account
- Free to withdraw at any time with no penalties
- No tax on interest earned
RRSP loan
Catch up on contributions
Speed up your retirement savings with an RRSP loan. This one-time loan helps maximize your RRSP contribution and save on your taxes.
- Catch up on unused contribution room
- Maximize your tax benefits
- Save more for retirement
First-Timer’s Guide to Retirement
Get the lowdown on RRSPs
Maximize future returns. Save on taxes. Make more money. It's that simple. We can help.
- Plan your retirement
- Make the most of tax savings
- Understand the ins and outs of contributing
Thinking about investing?
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- Term Deposits
- Tax-Free Savings Account (TFSA)
- Responsible Investing Portfolio
- Do-It-Yourself Investing
See how much you need to save
Our retirement planner helps determine the amount you'll need to retire comfortably. Do the math and then start saving (and dreaming).
These calculators are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please visit your branch to seek personalized advice from qualified professionals for all personal finance issues.
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