X Enter for a chance to win $10,000 Register here → X Subscribe to get investing insights * I am an: Individual investor Investment professional Sign up By submitting this form, you consent to receiving electronic communications from Fidelity Investments Canada ULC. You can unsubscribe at any time. Please see more information about Fidelity's privacy policy. Français Watch list Search Login Price & Performance Mutual funds ETFs Investor education Expert insights Advisor resources Share Print E-Mail Six tips to make the most of your RRSP Saving for retirement doesn’t have to be challenging An RRSP is a type of investment account that allows you to reduce your taxable income each year, while building up savings for future retirement income. The money you invest in your RRSP is tax deductible, reducing your current taxable income. You defer tax on your investment income until it’s withdrawn, presumably in retirement when you’re in a lower income bracket. 1. Plan your retirement goals. What kind of lifestyle do you want to live in retirement? Start making goals now, and meet with your financial advisor to ensure your security as you enjoy a long and fulfilling retirement. Planning for retirement income: Five key risks 2. Invest early for compound growth. Investing in your RRSP well in advance of retirement means that your money has more time to benefit from tax-sheltered growth. 3. Leverage your tax refund. Remember that RRSPs aren’t tax-free, they are tax-deferred – so as tempting as it might be to spend your tax refund, reinvesting it will work to your long-term advantage. 4. Contribute now, deduct later. You don’t have to claim deductions on your RRSP contributions in the same year that you make them. If you are expecting a future increase in taxable income that will push you into a higher tax bracket, you can defer claiming deductions until a later year to benefit from a higher tax refund. 5. More room to invest in your future. Unused contribution room can be carried forward indefinitely to use in future years. 6. Develop RRSP withdrawal strategies. Reaching age 71 triggers the maturity of your RRSP. You must convert your RRSP into a Registered Retirement Income Fund (RRIF), or annuity, or lump sum payout by the end of the calendar year in which you turn age 71. RRIF minimum withdrawals start the year after the RRIF is established. Depending on your short- and long-term goals, investing in a Tax-Free Savings Account (TFSA) might be an option to also discuss with your financial advisor. Inform your investing with the UpsideTM series Sign up to get investing insights from the pros Email Address * I am an * Individual investor Investment professional * Required Field Please see more information about Fidelity’s privacy policy. Sign up Share Share on Facebook Share on LinkedIn Share on Twitter RRSP and tax FAQ RRSPs 101 RRSPs 101 (Chinese version) Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus, which contains detailed investment information, before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. This information is for general knowledge only and should not be interpreted as tax advice or recommendations. Every individual’s situation is unique and should be reviewed by his or her own personal legal and tax consultants. Commissions, fees and expenses may be associated with investment funds. Read a fund’s prospectus or offering memorandum and speak to an advisor before investing. Funds are not guaranteed, their values change frequently and investors may experience a gain or loss. Past performance may not be repeated. Read our privacy policy. By using or logging in to this website, you consent to the use of cookies as described in our privacy policy. This site is for persons in Canada only. Mutual funds and ETFs sponsored by Fidelity Investments Canada ULC are only qualified for sale in the provinces and territories of Canada. 46359-v2020115 Back to top of page LinkedIn Twitter YouTube Instagram Fidelity Investments Canada ULC © 2021 Fidelity Investments Canada ULC. All rights reserved. Fidelity Investments is a registered trademark of Fidelity Investments Canada ULC. Fidelity Canada Institutional™ Investment solutions for institutional investors Fidelity Clearing Canada Execution, clearing, custody and back-office solutions for brokerage firms and portfolio managers About us Contact us Careers Media centre Help Site help Get Adobe Reader Fund documents Annual information form Prospectuses Fund Facts/ETF Facts Independent Review Committee Management reports of fund performance Financial reports Proxy voting Special meetings Responsible investment policy Derivatives Annual regulatory notice Tax information Distributions PFIC ETF statements Non-Canadian tax information Legal Important legal information Privacy policy Electronic services agreement Accessibility Unclaimed property Social media Contact us Toll-free 1 800 263-4077 Telephone 416 307-5200 TTY 1 800 855-0511 Fax 1 800 387-8092 Support The Call Centre is open from 8:00 a.m. to 8:00 p.m., EST Monday to Friday Address Fidelity Investments Canada 483 Bay Street Suite 300 Toronto, Ontario M5G 2N7 Fidelity uses cookies to provide you with the best possible experience online. If you continue, we'll assume that you are happy to receive all cookies on our site. However, you can block cookies at any time by changing the settings of your web browser or by following the instructions in our privacy policy. Continue → Feedback