An RRSP can do more than help you save for retirement. It can also reduce your taxable income and create valuable tax savings today. Use our RRSP tax savings calculator to estimate the impact of a contribution and see how small decisions now could help strengthen your financial future.
Learn how a Registered Retirement Savings Plan (RRSP) works, how contribution room is created and why it can support retirement planning. Explore its tax advantages, eligible investments, contribution rules and withdrawal considerations to help you make more informed decisions about your RRSP.
An RRSP can do more than help you save for retirement. Learn how RRSP deductions can reduce taxable income, why deduction timing can matter and how strategies such as regular contributions and reinvesting a tax refund can support your broader tax plan.
RRSPs and TFSAs both offer valuable tax advantages, but contributions and withdrawals are treated differently. Learn how your income, goals, time horizon and access to savings can influence which account to prioritize and how using both plans strategically can help you save more tax efficiently.
RRSPs offer more than an upfront tax deduction. Discover six benefits that make an RRSP a powerful retirement planning tool, including tax-deferred growth, spousal RRSP opportunities and programs that can help with buying a first home or paying for your education.
RRSP contributions can generally be deducted from your taxable income, up to your available RRSP deduction limit; every dollar you contribute reduces your taxable income by a dollar. RRSP contributions may therefore lower the amount of income tax you pay. Use the calculator above to estimate your potential tax savings based on your income and contribution amount.
Your available RRSP contribution room is shown on your most recent Notice of Assessment and in your CRA account. Any unused contribution room can generally be carried forward and used in future years.
No; while RRSP contributions must be reported, you can choose to claim all or part of the deduction in a future year. This may be beneficial if you expect to be in a higher tax bracket later and want to maximize your tax savings.
Generally, yes. Most RRSP withdrawals are included in your taxable income in the year they are withdrawn and are typically subject to withholding tax. Certain qualifying withdrawals under programs such as the Home Buyers' Plan or Lifelong Learning Plan can allow you to withdraw funds with no tax consequences (although some conditions do apply).
Need help deciding how much to contribute, when to claim your RRSP deduction or how it fits into your retirement planning? An IG Advisor can build a strategy tailored to your goals and contribution room.