Want to put off paying tax and increase your retirement savings faster? Register your investments in a Registered Retirement Savings Plan (RRSP) and watch your money grow.
An RRSP is right for you if you're 71 or younger, you earn taxable income, and you want to save for your retirement.
- Get money back or tax savings when you make RRSP contributions
- Investment income isn't taxed as long as it stays in your RRSP, so your savings will grow faster in an RRSP than if they weren’t registered
- Under certain conditions, your RRSP is protected from creditors in the event of personal bankruptcy*
- If you qualify, you can use up to $25,000 from your RRSP to buy or build a home under the Home Buyers' Plan (HBP) and up to $20,000 to pay for school under the Lifelong Learning Plan (LLP)
- You can contribute to your spouse's RRSP
RRSP-eligible savings products
* Exemption from seizure rules can be complex. If you're concerned, you should consult a legal advisor (lawyer or notary) for an assessment of your situation.