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Registered retirement savings plan (RRSP)

Save for retirement and reduce your taxable income by contributing to an RRSP.

Current promotions

Promotional rate

Online term savings

5.00% for a 17-month term 1
4.40% for a 40-month term 1

Until March 28, 2024, invest your contributions in an online term savings and get a promotional rate.

Promotional rate

RRSP – Savings Account

5.00% 1

Until March 7, 2024, deposit money in an RRSP – Savings Account and get a promotional rate. 2

What is an RRSP?

An RRSP is a registered savings plan that lets you save for retirement. You save tax on your contributions, and you don't pay tax on your investment earnings until you withdraw them. You can also withdraw money from your RRSP tax-free to buy a home or go back to school.

RRSP benefits

Plan for retirement

Your personal savings may be your biggest source of retirement income. You can plan for retirement with an RRSP and enjoy tax-sheltered returns until you withdraw these funds.

Pay less tax

You get various tax benefits of an RRSP. by contributing to an RRSP—you reduce your taxable income, so you pay less tax. As a result, you could also get a tax refund and even increase your government benefits.

Buy your first home

The Home Buyers' Plan (HBP) makes buying your first home easier. It allows you to withdraw up to $35,000 from your RRSP tax-free.

Go back to school

You can withdraw up to $20,000 tax-free from your RRSP to go back to school with the Lifelong Learning Plan (LLP). You can also do this for your spouse's or common-law partner's education.

Good to know

If you're already contributing to your RRSP, you can transfer some of this money to a first home savings account (FHSA) tax-free if you don't exceed your FHSA contribution room. If you qualify, you'll reap the benefits of this new plan to buy a home.

However, you won't get RRSP contribution room back for this transferred amount or receive another tax deduction. 

RRSP explained

RRSP contribution deadline

The deadline to contribute to your RRSP for the 2023 tax year is February 29, 2024. If you make contributions after this date, you'll have to include them on your 2024 tax return.

RRSP contribution limit

See your latest notice of assessment on the My Account External link. portal on the Canada Revenue Agency (CRA) website for your contribution room. This is the maximum amount you can contribute without penalty to your RRSP for the current year.

What's usually included in your RRSP contribution room

  • Unused contribution room since 1991
  • Your annual contribution limit (18% of the previous year's earned income up to a maximum of $30,780 for 2023 and $31,560 for 2024) 3

If you don't reach your limit, your unused contribution room carries forward to the following year.

Age limit

You can contribute to your RRSP until the end of the year you turn 71. That same year, you must withdraw the money from your RRSP, or convert it to a registered retirement income fund (RRIF) or an annuity.

Calculate your RRSP contributions

Use our retirement calculator to assess your future financial needs, compare different scenarios and start saving. 

How to contribute to the RRSP

1. Open the RRSP online

Log in to AccèsD to open your RRSP and start contributing.

Not a Desjardins member or prefer some help with your investment plan?


2. Choose your invest­ments

Choose the right investments for you according to your savings goals and investor profile.


3. Start contri­buting

Contribute to your RRSP now or set up automatic transfers to take the work out of saving.

Qualified investments for an RRSP

Find out which investments you can hold in your RRSP.

Desjardins Funds

Invest in innovative and competitive fund portfolios tailored to your profile. 4

Promotional rate
Learn more about Desjardins Funds.

RRSP – Savings Account

Watch your money grow with no minimums and no fees.

Promotional rate
Learn more about RRSP – Savings Accounts.

Guaranteed fixed-rate investments (term savings)

Enjoy a known return on your investment from day one. Both your capital and interest are guaranteed.

Promotional rate
Learn more about Guaranteed fixed-rate investments (term savings).

Market-linked guaranteed investments

Harness the growth potential of stocks without risking your capital.

Learn more about Market-linked guaranteed investments.

Guaranteed Investment Funds Helios2 Contract 

Earn interest while protecting your estate and your savings.

Learn more about Guaranteed Investment Funds Helios2 Contract.

Switch to online brokerage

Want to explore online brokerage to invest on your own? Whatever your level of investment knowledge, we offer everything you need to make informed decisions and invest with confidence: 

  • No-fee online transactions for stocks and exchange-traded funds (ETFs)
  • State-of-the-art trading platforms
  • Comprehensive training
  • Powerful analysis tools

Respon­sible invest­ment pays off

Commit to a sustainable and equitable economy by investing in businesses that value the environment, the community and diversity. With our socially responsible investments, you benefit from good potential returns while taking action for the future.

RRSP or TFSA: Which one to choose?

Explore the benefits of these 2 plans and find out which one best meets your needs.

FAQ

Can I withdraw from my RRSP without paying taxes?

Yes, you can make a tax-free withdrawal from your RRSP if you meet the criteria to buy your home using the HBP or FHSA, or to go back to school with the LLP.

If you withdraw money from your RRSP for another reason, you pay tax on it and lose contribution room. These withdrawals can also reduce income-based government benefits and credits.

What is the maximum amount I can contribute to my RRSP?

Your maximum contribution amount is in the RRSP deduction limit statement section on your notice of assessment from the Canada Revenue Agency (CRA). If you don't have this notice on hand, you can find this information on the My Account External link. portal on the CRA website.

How do I contribute to my spouse's or common-law partner's RRSP?

In order to do this, you must open a spousal or common-law RRSP in their name with you as the contributor. These contributions are deducted from your taxable income, even though it isn’t your RRSP. Contact your advisor to determine the best tax strategy for you.

How can I borrow money to contribute to my RRSP?

You can borrow money to contribute to your RRSP with our different RRSP loans. Contact your advisor to discuss your loan plan.

How do RRSP withdrawals work?

When the time comes, you can make a withdrawal from your RRSP, which is then added to your taxable income. It's a good idea to have an RRSP withdrawal plan that takes the following examples into account:

  • Your personal circumstances at the time of withdrawal
  • Your tax rate
  • Social programs you're enrolled in

The funds must be taken out of your RRSP by December 31 of the year you turn 71. Contact your advisor to find out your options and come up with the best withdrawal plan for you.

See our tips for your RRSP withdrawal plan

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

If you're not sure whether you should contribute to your RRSP or pay off your mortgage more quickly, consider the following factors: 

  • Your age
  • Your plans
  • The interest rate on your mortgage
  • The returns on your RRSP
  • Your marginal tax rate at the time of contribution and withdrawal

Contact your advisor to determine the best option for your needs and budget.

Contribute to your RRSP

Online

Open your RRSP on AccèsD and start contributing today.

By phone

Montreal area:

514-224-7737 Phone number of customer service for the Montreal area. This link opens your phone app. (514-CAISSES)

Elsewhere in Canada:

1-800-224-7737 Phone number of customer service for Canada. This link opens your phone app. (1-800-CAISSES)

We can also call you when it's convenient.

With an advisor

Book an appointment on AccèsD if you're a member, and meet with an advisor online, in person or over the phone.

Other tax-sheltered savings options

TFSA

A tax-free savings account (TFSA) lets you grow your savings tax-free for your goals.
Learn more about TFSA

FHSA

A first home savings account (FHSA) lets you save tax-free for a down payment.
Learn more about FHSA
Rate subject to change without notice. Certain conditions apply. Contributions to an employer-sponsored pension plan can lower your contribution limit. Desjardins Funds are not guaranteed, their value fluctuates frequently, and their past performance is not indicative of their future returns. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Desjardins Funds are offered by registered dealers.