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Registered Retirement Savings Plan (RRSP)

A Registered Retirement Savings Plan (RRSP) is a retirement savings plan that you set up and that is registered with the CRA. You and your spouse or common-law partner can contribute to it. Contributions are usually tax-deductible and can reduce your taxable income.


Income earned within the RRSP—such as interest, dividends, or capital gains—is not taxed while it remains in the plan. However, amounts withdrawn from the RRSP are generally taxed as income in the year you receive them.

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RRSP Benefits

  • Reduces your taxable income: Contributions to your RRSP lower your annual taxable income, helping you save on taxes.
     

  • Tax-deferred growth: Your investments grow tax-free inside the RRSP until you withdraw them.
     

  • Flexible contribution room: Any unused contribution room carries forward, allowing you to contribute more in future years.
     

  • Access for major life events: You can withdraw funds for a first home through the Home Buyers’ Plan (HBP) or for education through the Lifelong Learning Plan (LLP).
     

  • Spousal contributions: Contributing to your spouse’s RRSP can help you split income and reduce your overall household tax burden.

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