Paying less taxes
Flexible, efficient and available to everyone.
- Reduces your annual taxable income.
- Savings you make during your working years are sheltered from tax so you can supplement your future retirement income.
- Plan transferable tax-free to your spouse at your death
- Can be used to help you buy a home (HBP).
- Can be used to go back to school (LLP).
- Must be transferred into a RRIF (Registered Retirement Income Fund) no later than December 31 of the year you turn 71.
- Depending on your personal situation, different types of RRSPs may suit you.
To carry out your long- or short-term projects.
- Registered savings plan that allows you to put money aside tax-free so you can reach your goals and create an emergency fund
- Non-taxable investment income
- Withdrawals non-taxable and without charge, regardless of the reason for the withdrawal1
- Contributions not tax-deductible
1. Certain restrictions may apply, depending on the investment.
Funds from your former employer's pension plan.
- Tax-sheltered investment
- Funds cannot be seized
- You may convert all or part of your LIRA or Locked-In RSP into an annuity or LIF at any time
- Withdrawals allowed before retirement only under exceptional circumstances
- At death, LIRA or Locked-In RSP balance is transferred to spouse or, in certain conditions, your estate
Contribute more than the RRSP-allowed maximum.
- Pension plan for one person.
- Employer-sponsored plan where contributions are paid by the business and deductible from its income.
- Defined benefits: the amount of the annuity is determined in advance (an actuary calculates the contributions required to guarantee it).