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Registered retirement savings plan (RRSP)

Primary retirement savings plan tool, the RRSP lets you accumulate money for retirement. If you have employment income, you can contribute right up to December 31 of the year of your 71st birthday.

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What is an RRSP?

The registered retirement savings plan (RRSP) is a flexible savings tool that has a double benefit: your contributions provide you with a tax deduction and your investment income accumulates in a tax shelter.

Features and benefits of the RRSP

  • Each year, you can contribute a maximum amount equal to 18% of your taxable income or, if you have a high income, the ceiling set by the government.
  • You can defer unused contribution rights to subsequent years.
  • The amount of your contributions is deducted from your taxable income, which could entitle you to a tax refund.
  • Your investment income is only taxed when you withdraw it from your RRSP.
  • You can convert your RRSP into a registered retirement income fund (RRIF) or another retirement income, at the latest on December 31 of the year of your 71st birthday.