Invest in your Future
For you, retirement may be a far away dream, or maybe it’s just around the corner.
A Registered Retirement Savings Plan (RRSP) is a retirement savings account registered with the Government of Canada that allows you to defer or reduce income taxes payable. You can contribute to an RRSP up to the end of the year in which the plan holder reaches age 71.
Contributions to RRSPs are deductible from taxable income and this reduces income tax payable1. Increases in the value of RRSP assets are not subject to income or other taxes until funds are removed from the RRSP. Withdrawals from an RRSP are taxable as income at the time of withdrawal and subject to legislated withholding tax requirements.
- Maximum contribution limits apply and are determined by the Government of Canada. It is the plan holder's responsibility to ensure contributions do not exceed the maximum limits.