An RRSP can help you create a retirement nest egg, with tax advantages

What are your plans after you stop working? Will you travel? Take classes? Spend time on favourite hobbies? Save towards the retirement lifestyle you want in an account that defers taxes until you withdraw your money.

Our registered retirement savings plan (RRSP) lets you:

  • Get a tax deduction for your eligible contributions
  • Accelerate investment growth with no taxes on interest earned inside the account
  • Build your savings in secure, protected investments
     

3.00%
Registered Retirement Savings Plan 1

Is our RRSP right for you?

Yes, if you:

  •  Want to save for your retirement, first home or education 
  • Want to reduce taxes 
  • Are under 71 years old
Kid painting.

RRSP Benefits

RRSP investment options

Rates

Our RRSP offers a competitive interest rate on all your money:

Registered Advantage Account

3.00% 1
 

Guaranteed Investment Certificate (GIC):

Short-term deposits:

Resources

Retirement savings calculator

Whatever you have in mind for retirement, see what you need to save to hit your goals.

FAQ

Your contribution limit is 18% of your earned income last year to a maximum dollar amount that changes every year. However, you may be able to contribute much more. You started accumulating RRSP contribution room as soon as you filed your first tax return reporting earned income. Each year after that you accumulated more contribution room. Your current contribution room is the sum of this year’s contribution limit and any unused contribution room from previous years. Find out how much contribution room you have through the Canada Revenue Agency’s My Account website, MyCRA mobile app or Tax Information Phone Service at 1-800-267-6999.

When you retire, and no later than the end of the year you turn 71, you have three choices for your RRSP. You can convert it into a registered retirement income fund (RRIF), buy an annuity, or withdraw (and pay tax on) all your RRSP savings at once.

The Canada Revenue Agency generally doesn’t penalize over-contributions under $2,000. However, over that amount, you will be charged a tax of 1% every month on amounts that exceed your contribution room

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Save for any goal with a tax-free savings account (TFSA)

Build your savings faster in an account that doesn’t tax the growth on your investments and doesn’t tax withdrawals. A TFSA can help you save towards a major purchase, a new home, your retirement or a “rainy day” emergency fund.

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Finance your retirement lifestyle with a registered retirement income fund (RRIF)

Your money keeps growing tax-deferred as long as it stays within your RRIF. Every year, you must withdraw a minimum, taxable amount, which you can use to help pay living expenses in retirement.

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Get complete flexibility with a high-interest savings and chequing account

Choose a combined savings and chequing account with a high interest rate and free unlimited everyday banking transactions as long as you keep a minimum $1,000 balance. Bank anytime, anywhere through online and mobile banking and access your money at more than 3,700 ABMs across Canada.