Registered Retirement Savings Plan (RRSP)

Contributions can be deducted from your taxable income, potentially reducing your tax liability.

Investment earnings within a Registered Retirement Savings Plan (RRSP) are not subject to taxation until withdrawal, which enables compound growth over time.

You can contribute up to 18% of your previous year’s earned income, subject to annual limits established by the Canada Revenue Agency (CRA). The maximum contribution amount for your Registered Retirement Savings Plan (RRSP) may vary from year to year.

For precise limits, please refer to the CRA’s guidelines.

Withdrawals are typically subject to income taxation. Nevertheless, programs such as the Home Buyers’ Plan (HBP) and the Lifelong Learning Plan (LLP) facilitate tax-free withdrawals under specific circumstances.