Registered Retirement Savings Plan (RRSP)

A registered retirement savings plan (RRSP) allows you to save money during your working years in order to provide you with an additional source of income at retirement.

Who can benefit from an RRSP?

An RRSP is intended for all people aged 71 and under, who are earning a taxable income and who wish to put money aside for their retirement.

Advantages

• Every year, you can contribute to your RRSP while reducing your payable income tax. The maximum eligible amount corresponds to 18% of your earned income for the previous year up to a maximum deductible (annual ceiling) for the current year, minus any pension adjustments, plus unused contribution room from previous years.
• Your investment income is not taxable for as long as it remains in your RRSP.
• You can also make contributions to a spousal RRSP.