Navigation Menu Sign in Registered retirement savings plan (RRSP) Find an advisor What is an RRSP? A registered retirement savings plan (RRSP) is a personal savings account that has special tax advantages. RRSPs can hold a variety of qualifying investments, including treasury bills, guaranteed interest products, mutual funds, segregated fund contracts, bonds and equities. As well, some types of investment contracts, such as registered guaranteed investment fund contracts, are themselves RRSPs. An RRSP is such a powerful savings vehicle because your contributions are tax deductible, and the taxes on any investment growth are deferred until you take your money out. Tax-deductible contributions mean you'll have more of your income available for your current needs, even while you're saving for the future. And tax-deferred investment growth (interest, dividends, capital gains) keeps more of your money working for you. When you withdraw money from your RRSP, it is taxed at your tax rate at the time you take it out. But if you're like most people, you'll be retired when you start to take withdrawals, so your tax rate will likely be lower than when you were employed, and you'll be able to keep more of your hard-earned money. Getting Started RRSP calculator What are RRSPs? (Video) RRSP Home Buyers Plan RRSP FAQs Find an advisor You may want to consider an RRSP if: You want to save money for retirement and be able to deduct your contributions from this year's income You're looking to reinvest your tax savings You want to use your tax savings to pay down non-tax-deductible debt, like your mortgage Support questions Check a balance Contributions, withdrawals and fund changes RRSP receipts and tax slips Related products Tax-free savings account (TFSA) Mutual funds Segregated funds Types of RRSPs: Individual RRSPs This is an RRSP registered in your own name, and to which only you contribute. The amount you contribute to your RRSP is tax deductible. You pay tax when you withdraw your money; if you’re in a lower tax bracket then (which will presumably be the case if you’re retired), your eventual tax bill will be lower. If you transfer the value of your registered company pension into an individual RRSP after leaving your employer, that RRSP is “locked in,” meaning you usually can’t withdraw money from it until you retire. Spousal RRSPs This is an RRSP registered in the name of one spouse, to which the other spouse contributes. Whether you contribute to your own RRSP or to your spouse’s spousal RRSP, your contribution counts against your own RRSP contribution limit. Your spouse’s contribution limit is not affected. If you contribute to your spouse’s spousal RRSP, and your spouse withdraws money from it within 3 calendar years, you pay the tax, not your spouse. Once you retire, you and your spouse can take income from your respective retirement funds and be taxed at an individual rate. Group RRSPs This is an RRSP set up in the name of a group (such as the employees of a company or the members of a professional organization). Members of a group RRSP typically benefit from lower administration and management fees than would be applied to an individual plan. You may also be able to contribute through payroll deductions, which allows you to invest throughout the year. It’s important to remember that you are responsible for staying under your contribution limit. RRSP contribution limit RRSP contributions can lead to good news at tax time, because they’re deductible. But everything has its limits, including your RRSP. The CRA tells you your RRSP contributing room in the tax assessment you get after filing your tax return each year. Although you could calculate your contributing room by yourself, it’s easier to rely on the CRA’s calculation. Generally, you’re allowed to contribute up to 18% of your previous year’s earned income, to a maximum set each year by the Income Tax Act and Regulations, plus any unused contributing room carried forward from prior years. Learn more about RRSP contribution limits RRSP vs. TFSA: What’s the difference? Confused about the best savings option for your needs? You’re not alone. Both an RRSP and a TFSA provide unique tax advantages. Learn more about RRSPs vs. TFSAs Make a Sun Life Financial RRSP a key part of your retirement plan Starting and building an RRSP is an important step towards securing your financial future – and professional guidance can be a valuable part of your decision-making. An advisor understands how RRSPs work and can show you how to structure your contributions and choose your investments to make the most of the benefits offered by this powerful savings vehicle. Talk to your advisor or find an advisor near you to learn how RRSPs fit into Money for Life, Sun Life Financial's customized approach to your financial and retirement planning. Start investing Make well-informed decisions with helpful advice. Talk to your advisor or find one near you - there is no cost to talk to an advisor. Find an advisor How advisors help Footnote Quick links Sign in / Register Submit or track a claim Find a form 欢迎访问永明金融网页 Plan sponsors & advisors Advisor site SLFD Advisor hub Plan advisor site Plan sponsor site About us Who we are Newsroom Sustainability Donations and sponsorships Careers Become an employee Become an advisor Student and new graduate programs Contact us Contact us Support Talk to an advisor Life’s brighter under the sun Legal Privacy Security Accessibility We acknowledge that Sun Life operates in many Territories and Treaties across Canada. Our Canadian headquarters in Waterloo are on the traditional territory of the Anishnaabeg, Haudenosaunee Confederacy and the Mississaugas of the Credit First Nations. Today, Canada is still the home to many Indigenous, First Nations, Inuit, and Metis peoples from all across Turtle Island. We are grateful to have the opportunity to work in this territory. We offer this acknowledgment as a stepping stone towards honouring the original occupants, as a testimony to the oppression faced by Indigenous peoples, and our commitment to Indigenous communities and employees of Sun Life. © Sun Life Assurance Company of Canada. All rights reserved. SLF * This information is meant for educational and illustrative purposes only. It is not meant to be tax advice. You should consult a tax professional for specific tax advice.