Saving early and saving more towards retirement can help you pay for the fun stuff after you stop working — from travel to fine dining. RRSPs give your savings a leg up with a tax deduction and tax-deferred growth. How much can you contribute? Check your latest Notice of Assessment for your accumulated room.
Tax deduction for contributing
No tax on growth until you withdraw
Convert your RRSP into a RRIF when you’re 71
Set up automatic contributions
Invest in term deposits and mutual funds
Contribute more with an RRSP loan
You can contribute to your RRSP anytime — but if you contribute during the first 60 days of the year, you can choose to use your tax deduction in the current or previous year.
If you’re buying your first home or enrolling in full-time education, you can borrow from your RRSP. You don’t have to pay tax on the withdrawal as long as you repay the money to your RRSP on schedule. Borrow up to $35,000 through the Home Buyers’ Plan, and up to $20,000 ($10,000 in a calendar year) through the Lifelong Learning Plan.
Use the retirement calculator to estimate how much you need to contribute to reach your savings goals by the time you stop working.
Save for short-term and long-term expenses, with no tax on withdrawals.
Fund a child’s educational dreams, with government grants.
Build long-term financial security for a person with disabilities.
Start spending savings in retirement by turning your RRSP into a RRIF.
Whether you’ve been building your investment portfolio for years, or you’re just getting started, there’s more to a wealth plan than putting money away for retirement. We’re here to help.