RRSP - Registered Retirement Savings Plan

Author: Kevin Slater |

A tax-deferred savings account that can help Canadians prepare for retirement. 

  • A RRSP savings plan for Canadian residents age 18 to 71.  
  • Pre-tax money is used for investment deposit 
  • Investments grow tax free until withdrawal, at which time it is taxed at your marginal rate.  
  • Annual RRSP contribution room is created based on 18% of your annual earned income up to a maximum of $26,500 as of 2019.  
  • Unused RRSP room is carried forward and can be used in future years if not used. 
  • All RRSP funds must be transferred to a RRIF end of year you turn  age 71 or the entire amount will be taxable at your marginal tax rate. 
  • A variety of investment options are available for your RRIF account. 


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