​Registered Retirement Savings Plan (RRSP)

Features of an RRSP

Spousal RRSPs

Discover the advantages of income splitting

A spousal RRSP can be a tax-effective way for you to save. If you or your partner have a significantly higher income now, or expect to in the future, you should connect with an advisor and see what your options are.

How much can you contribute?

Your spousal RRSP contribution, when combined with your personal RRSP contribution, cannot exceed your personal RRSP deduction limit.

• If you are a Canadian taxpayer 71 years of age or younger, you can make annual contributions up to 18% of your earnings up to a limit set by the federal government.
• Find your personal RRSP contribution limit for the current year on your previous year's Notice of Assessment.
• View your refunds, returns and limits online or mobile using  the Canada Revenue Agency (CRA) My Account.  
• Call the CRA T.I.P.S. line at 1-800-267-6999 from mid-September through to the end of April. You’ll need your Social Insurance Number, date of birth and total income from line 150 of the previous year's income tax return.

RRSP Interest Rates

*Rates are subject to change at any time. Conditions apply.

Home Buyers’ Plan

If you qualify as a first-time home buyer, you can use up to $35,000 from your RRSP to help pay for your new home as part of the federal government’s Home Buyers' Plan (HBP). Your spouse or partner can do the same, which would give you a total of $70,000.

You don’t have to pay tax on this withdrawal, but you do need to pay it back within 15 years.

Find all the details about the HBP on the Government of Canada’s website.

Lifelong Learning Plan

This program allows you to withdraw up to $10,000 in a calendar year from your RRSPs to help finance education costs for you or your spouse/common-law partner. You cannot withdraw more than $20,000 in total.

As long as you meet the Lifelong Learning Plan (LLP) conditions every year, you can withdraw amounts from your RRSPs until January of the fourth calendar year after the year you made your first LLP withdrawal.

More details about the LLP can be found on the Government of Canada’s website.

Helpful Resources