A Registered Retirement Savings Plan (RRSP) is a registered plan that encourages Canadians to save for their future. Start investing today so you can retire comfortably.
Reduce your taxable income through tax-deductible contributions
Defer paying taxes on investment growth within your RRSP until you withdraw the funds
Borrow from your RRSP to help buy your first home or pay for your education
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A Registered Retirement Savings Plan (RRSP) is a registered plan that encourages Canadians to save for their future. At Investor’s Edge, the plan can include a mix of investments, including stocks, ETFs, mutual funds, GICs and more. Each year you have a maximum contribution limit, which includes any unused contribution limits from previous years. You can deduct your yearly contribution from your taxable income, reducing your income tax for the year.
You or your spouse or common-law partner contribute to the RRSP or spousal RRSP. Deductible RRSP contributions can be used to reduce your tax. Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan.
Any Canadian between 18 and 71 who earns income should consider taking advantage of the benefits an RRSP offers. If you want to maintain your standard of living during retirement, it’s important to start saving as early as possible. Even if your employer supplements your pension plan with contributions, it may not be enough for the retirement you want.
Tax savings now
Every dollar you contribute to an RRSP can reduce your taxable income for that year, which means you pay less tax.
Tax-sheltered growth
Your initial investment and investment earnings continue to grow in your RRSP, sheltered from tax until you withdraw money. This helps you grow your investments and reach your retirement goals sooner.
Flexibility for your goals
The Government of Canada lets you borrow from your RRSP for some of life’s major milestones. You can access funds to buy your first home through the Home Buyers’ Plan.