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Registered Retirement Savings Plan

A Registered Retirement Savings Plan (RRSP) allows you to make tax-deferred contributions towards your retirement savings. By contributing to an RRSP, you can defer your tax payments on the money you contribute until you've retired, at which point you'll more than likely be in a lower tax bracket.

Administrative information

  • The maximum contribution level each year is based on your earned income in the previous year. It is 18% of earned income to a maximum of $21,000

The Declaration of Trust, providing all the terms and conditions of the plans, has recently been updated.

Special information

  • The RRSP must be collapsed by the end of the year in which the annuitant has his/her 71st birthday. The planholder can then transfer the assets to a Registered Retirement Income Fund (RRIF) or an annuity, or withdraw the assets, which are fully taxable in the year they're withdrawn