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You are here: Home > Personal > Savings and investment > Tax-sheltered plans > Registered retirement savings plan (RRSP)

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Registered retirement savings plan (RRSP)

Only days left to contribute

An RRSP is a retirement savings vehicle

RRSPs at a glance

  • Help you invest your savings tax-free during your working years to supplement your income during retirement
  • Are transferable to your spouse on a tax-deferred basis if you die
  • Can be used toward the purchase of a home (HBP).
  • Can be used to finance your education if you decide to go back to school (LLP).
  • Must be transferred to a RRIF (registered retirement income fund) by December 31 of the year in which you turn 71

How contributions work

  • Anyone under age 71 with unused contribution room can contribute to an RRSP. You can also contribute to your spouse’s RRSP.
  • Your annual contribution limit is 18% of the income you earned the previous year, up to a maximum of:
    • $25,370 for 2016
    • $26,010 for 2017
  • There is a $2,000 cumulative lifetime limit on over-contributions.
  • If you contribute to an employer-sponsored plan, that will reduce your contribution room.
  • If you don’t use the full amount of your contribution room for the year, it can be carried over to future years.

Want more information about your unused contribution room? Check the Notice of Assessment you receive from the Canada Revenue Agency - External link. This link will open in a new window..

Setting up regular RRSP contributions

This is a great way to save and easy to fit into your budget. You can choose how much and how often you want to contribute: weekly, biweekly, monthly, etc. Your contributions will be automatically deducted from your bank account and invested in your chosen RRSP.

For more information about investments that let you make automatic contributions:

Borrowing to invest in an RRSP

If you don’t have cash available, you may want to consider borrowing to invest in your RRSP. The cost of the loan may end up being less than what you’ll save by growing your money tax-free.

Learn more about RRSP loans.

Videos

Should I contribute to a RRSP or pay down my mortgage?

Added on November 27, 2015

Should I contribute to a RRSP or pay down my mortgage? (2 min 08 s)

People often ask whether it’s better to pay down their mortgage or save with financial tools such as RRSPs, RESPs and TFSAs.

Do you want to lower your tax bill?

Added on April 1, 2015

Do you want to lower your tax bill? (1 min 35 s)

Whether it's to defer taxes or to grow your investments tax free, creating a financial plan with your advisor is a smart decision.

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