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A Registered Retirement Savings Plan (RRSP) is a registered investment tool designed to help you save and invest for retirement. Contributions can reduce your taxable income in the year you make them, and your investments grow on a tax-deferred basis, meaning you don’t pay tax on growth until you withdraw funds, typically in retirement.
Most Canadian residents age 18 and over with earned income can contribute to an RRSP until age 71.
Contributing may lower your taxable income for the year. Your investments grow without being taxed until you withdraw them.
By the end of the year you turn 71, your RRSP must be converted to income, usually a Registered Retirement Income Fund (RRIF).
At Mainstreet, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).
Who should consider an RRSP?
An RRSP may be a good fit if you’re earning income today and want to build savings for retirement over time, if your goals or lifestyle may change in the years ahead, or if you want a more intentional approach to planning for your future.
A Mainstreet advisor can help you understand how an RRSP fits into your overall plan and guide you toward an approach that reflects your goals and comfort with risk.
An RRSP can hold a variety of investments, including high interest savings accounts, GICs, stocks*, bonds*, ETFs*, mutual funds*, or self-directed investments**. The right mix depends on your timeline, goals, and how involved you want to be.
Advisor Managed Investing
Advisor-Managed Investing offers you guidance and a plan built around your goals. A Mainstreet advisor helps you manage investments, such as mutual funds, and adjusts your strategy as your life and priorities change.
Qtrade Direct Investing®
Qtrade Direct Investing gives you the flexibility to manage your savings and investments independently, using tools and resources to stay in control.
*Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.
**Online brokerage services are offered through Qtrade Direct Investing, a division of Aviso Financial Inc.
An RRSP is a tax-advantaged account that can be used for savings and investing. Investments growth within an RRSP is tax deferred, you pay income tax when you withdraw the funds. Contributions to an RRSP can be deducted from your annual income, resulting in lower income taxes when you contribute to an RRSP.
An RRSP can hold investments and cash to save for retirement. Growth is tax-deferred, meaning you pay tax when you withdraw from the account. If you are in a lower tax bracket in retirement than when you earned the initial contribution, you reduce the income tax payable on the deposited funds.
RRSPs can hold various types of investments including stocks*, ETFs*, bonds*, mutual funds*, GICs, and cash.
RRSP contribution room is the amount that can be deposited into your RRSPs during a given year.
The RRSP contribution deadline is 60 days after the end of the year. If the contribution deadline falls on a weekend of public holiday recognized by the Canada Revenue Agency, the deadline is extended to the next business day.
Download the RRSP Terms and Conditions of the Declaration of Trust
Download the RRIF Terms and Conditions of the Declaration of Trust
