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RRSP is a voluntary savings program that was introduced to encourage savings for retirement through tax incentives. RRSPs can work well if you contribute while you are in a high tax bracket (while you are working) and withdraw when in a lower tax bracket (when you are retired). 

The contribution made to the RRSP account can be deducted from federal and provincial income tax and may move the taxpayer to a lower tax bracket, which can save you money on your annual tax return while helping your savings grow tax-sheltered.

The investment income earned in the account is not taxed until it is withdrawn. Making regular RRSP contributions early in our carrier can help you take advantage of the tax-deferred compounding of investment returns. 

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Calculating your RRSP deduction limit:

You can locate your maximum contribution limit by looking on your most recent Notice of Assessment. This Notice is issued from CRA. This maximum amount is based on 18% of your previous year’s earned income, up to the maximum RRSP contribution limit. It also includes any unused contribution room from previous years. If you are a member of a pension plan, your pension adjustment will reduce the amount you can contribute to your RRSP. Unused contribution room can be carried forward and used in future years.

Home Buyers’ Plan

This feature allows a first-time home buyer, to withdraw up to $35,000 tax-free in a calendar year to buy or build your first home. The repayment period begins the second year after you withdraw the funds and you have up to 15 years to pay the money back.

Lifelong Learning Plan

This feature allows you to go to school or go back to school. Whether for you or your spouse, you can withdraw up to $20,000 tax-free to cover tuition and education expenses. The repayment period gives you 10 years to repay the money you borrowed.

Spousal RRSP:

Saving Money

Spousal RRSP plan is opened in your spouse’s name to which you make contributions. With a spousal RRSP, the contributor claims the tax deduction, but your spouse will be the legal owner of the plan. Any contribution you make to a spousal RRSP does not affect your spouse’s deduction limit for the year. The advantage of a spousal RRSP is that it can provide you with opportunities to split income before and after retirement.


By the age of 71, you must convert your RSP to a Retirement Income Fund (RIF).

An advisor understands how RRSPs work and can show you how to structure your contributions and choose your investments to make the most of this power-saving vehicle.
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