Are You Using RRSPs To Your Full Advantage?

Discover ways you might be able to minimize taxes, get a bigger return, finance your first home and prepare for retirement.

Speak To An Advisor

Lifelong Learning

The Lifelong Learning Plan lets you withdraw up to $10,000 per year to a maximum of $20,000 tax-free from your RRSP for you or your spouse to pay for a full-time program.

What Else Can You
Use An RRSP For?

Buying A Home

The Home Buyers' Plan allows you to withdraw up to $35,000 of RRSP  holdings as a loan for a home purchase to be repaid over a 17-year period.

Income Splitting

Transfer income from a high-earning family member to a lower-earning family member to reduce the overall tax paid by the family.

Schedule a
Virtual Meeting

Check on your financial health by answering a few questions about your spending, borrowing, saving, and investing habits.


Not Sure Where To Start?
We Can Help

Connect With
an Advisor

Connect with an advisor to assess your financial situation and determine your financial goals.


Review Your Strategy

They'll explain exactly what you can do to lower your taxes, optimize your investments and improve your financial strategy.


© 2022 is an informational website providing users with the opportunity to learn how to save money and get the best bang for their buck. The information provided on this website is purely informational with the sole purpose of educating users about mortgages, insurance, credit cards, loans, banking options, and investing. Note that the information provided on this website may differ from the rates you may see at financial institutions, credit card companies, and insurance agencies. All information pertaining to financial products, services, and digital products is presented without warranty. The views and opinions on this webpage are those of the author only.

Privacy PolicyTerms & Conditions


 Find An Advisor 

Speak To An Advisor

Build A Path To Wealth With A Financial Advisor

Investing in an RRSP is a great way to save for retirement and cut your tax bill. But there are other ways to use your RRSP, too.

Frequently Asked

Your RRSP contribution limit for 2021 is 18% of earned income you reported on your tax return in the previous year. That’s up to a maximum of $27,830. This limit also includes any unused contribution room you have from earlier years.

Your RRSP contribution limit is calculated each year and will appear on the Notice of Assessment you receive from the Canada Revenue Agency (CRA) after filing your taxes. You can also see your notice of assessment online at the CRA’s “My Account for Individuals” page.

All your RRSP contributions are tax deductible. This means you can reduce the amount of your taxable income. For example, let’s say you earned $50,000 last year and qualify for $10,000 in tax deductions. That means you’ll only have to pay taxes on $40,000 of your income.

You can contribute to an RRSP whenever you want. But the deadline for making a contribution that will affect your tax bill for any given year is 60 days after the end of that tax year. The date falls in early March of the following year.

That’s OK. This just means you’ll have unused RRSP contribution room to carry forward. You can open and contribute to an RRSP at any time of the year. Just make sure you don’t exceed your contribution limit.

Build A Path
To Wealth With A Financial Advisor

Speak To An Advisor

Build A Path
To Wealth With A Financial Advisor

Speak To An Advisor

What Is An RRSP?
Planning For The Future

Individual RRSPs

Registered to your name, an individual RRSP is the most common—with all of the contributions, investments, and benefits belonging solely to you.

Spousal RRSPs

Registered in the name of one spouse, a spousal RRSP can lower the amount of tax that you pay collectively.

Group RRSPs

Offered through an employer, a group RRSP allows you to have savings deducted from your pay and receive matching contributions—if offered.

A registered retirement savings plan (RRSP) is a personal savings account that has special tax advantages. Your contributions are tax deductible and taxes on any investment growth are deferred until withdrawn.

By clicking the submit button I agree to the Terms of Service and Privacy Policy.

We'll Create A Personalized Plan For You

By clicking the submit button I agree to the Terms of Service and Privacy Policy.