Registered retirement savings plan (RRSP)
Save for retirement and reduce your taxable income by contributing to an RRSP.
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.
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.
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 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 $31,506 for 2024)
If you don't reach your limit, your unused contribution room carries forward to the following year.
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
Qualified investments for an RRSP
Find out which investments you can hold in your RRSP.
Guaranteed fixed-rate investments (term savings)
Enjoy a known return on your investment from day one. Both your capital and interest are guaranteed.
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.
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.
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.
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.
You can borrow money to contribute to your RRSP with our different RRSP loans. Contact your advisor to discuss your loan plan.
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.
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
Open your RRSP on AccèsD and start contributing today.
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
If you're a Desjardins member, book an appointment on AccèsD to meet with an advisor online, in person or over the phone.