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An RRSP is a tax-advantaged investment account aiding retirement savings. Deductible contributions lower taxes, and earnings grow tax-deferred. Contribution limits vary based on income.
Benefits of RRSPs
Funds
Your RSP is an investment account, and can contain a variety of investments (e.g. mutual funds, Seg funds etc.)
Funds
Earned Income
Your annual contributions (up to your annual limit) can be deducted from your earned income, reducing the amount of income tax you pay that year.
Earned Income
Retirement
When you withdraw money at retirement, you may benefit from a lower tax rate.
Retirement
Canadian Government programs
Funds in an RRSP are eligible for Canadian Government programs that can help you buy your first home (Home Buyer’s Plan), or pay for further education (Lifelong Learning Plan LLP).
Canadian Government programs
How Much Can you Contribute?
Eligibility: Anyone filing an income tax return with earned income is eligible to open and contribute to an RRSP.
Contribution Limits: 18% of earned income from the previous year. The maximum contribution amount for the current tax year, as determined and posted annually by the CRA.
Pension Plan Impact: If you are a member of a pension plan, your pension adjustment will reduce your RRSP contribution limit.
Unused Contribution Room: Unused contribution room can be carried forward for future use.