Registered Retirement Savings Plan (RRSP) in Canada

• Tax-deferred retirement savings
• Contribution room based on CRA rules
• Review RRSP and TFSA roles together

What Is an RRSP?

A Registered Retirement Savings Plan (RRSP) is an account designed to support retirement savings. Contributions may reduce taxable income when claimed as deductions, while investment income is usually tax-deferred as long as it remains in the plan.

Withdrawals are generally taxable. Your available deduction limit is personal and should be confirmed through your CRA records before contributing.

RRSP Contribution Limits and Timing

RRSP deduction room is generally based on 18% of the previous year's earned income, adjusted for applicable pension rules and unused room, up to the annual dollar limit. The official RRSP dollar limit for 2026 is $33,810.

Contribution deadlines affect the tax year in which a deduction may be claimed. Confirm the current deadline and your available room before making a contribution.

Spousal RRSP and RRSP vs TFSA

A spousal RRSP may be useful in some retirement-planning situations. RRSP and TFSA accounts also have different contribution, deduction, and withdrawal rules, so the right balance depends on your goals and tax situation.

An advisor can explain the general differences. For tax advice specific to your situation, consult a qualified tax professional.

Explore Related Financial Services

• RESP Education Savings
• TFSA Savings
• Life Insurance Overview

Talk with a licensed advisor

Share your goals and questions. An advisor can help you understand the available options and the details to confirm before you apply.