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What is an RRSP?

  • Updated

An RRSP (registered retirement savings plan) is an investment account designed to help you save for retirement. An RRSP is a tax-preferred account.

Why open an RRSP?

As a tax-preferred account, an RRSP allows you to save for retirement. Your contributions to your RRSP are tax-deductible. You’re only taxed when making withdrawals from your RRSP.

Who can open an RRSP?

To open an RRSP, you need to:

  • Be at least 18 years old
  • Have a valid SIN
  • Be a resident of Canada

RRSP contribution limit

Exceeding your contribution limit can have negative tax implications. To check your contribution limit, you’ll need to log in to your CRA account.

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