Saving for your retirement

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Put money aside with help from the government

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.

Learn more registered retirement savings plan

For retirement or short-term projects.

  • Registered savings plan that allows you to put money aside tax-free to reach short-term goals throughout your life
  • Non-taxable investment income
  • Withdrawals non-taxable and without charge, regardless of the reason for the withdrawal1
  • Contributions not tax-deductible

Learn more Tax-free savings account

  1. Certain restrictions may apply, depending on the investment.

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)
  • Intended for business owners and senior managers over 45 whose income is $75,000 or more a year

Learn more individual pension plan