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Registered Retirement Savings Plan (RRSP)

An RRSP is a government-registered plan with special tax benefits designed to help you save for the retirement you dream about.


Why invest in an RRSP?

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Reduce your tax

Contributions to your RRSP reduce your taxable income, which is especially helpful during your peak earning years.

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Grow your savings faster

Your RRSP is tax-deferred, so investment income isn’t taxed until it’s withdrawn in retirement – likely at a lower tax rate.

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Fund education or a first home

You can borrow from your RRSP savings to fund continued education or supplement your first down payment without penalty.

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Contribute until you’re 71

You can make annual contributions to your RRSP until December 31 of the year you turn 71.

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Flexible investing options

Your RRSP can hold numerous different investment types, including term deposits and mutual funds.


Explore your RRSP investment options

Variable Rate Deposits

  • Minimum Deposit: $500 (new), $500 (subsequent)

  • Option to withdraw funds at any time (fees may apply)

  • Automatic RRSP contributions available

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Fixed Term Deposits

  • Minimum Deposit: $1,000

  • 1-5 year terms

  • Non-redeemable prior to maturity

  • Competitive rates guaranteed for the term

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Mutual Funds

Professionally managed mutual funds are offered through our partner, Credential® Asset Management.
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Ready to get set up?

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Have questions or need support?

Don’t hesitate to reach out. Our team will happily take the time to get to know you, answer any questions and help you determine the best way to reach your goals.

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TFSA vs RRSP: What’s the difference?

Both an RRSP and TFSA offer tax advantages by allowing you to accumulate investment income tax-free within the plan or account, but they have key differences:


Tax deductible

RRSP contributions reduce your income for tax purposes.

Withdrawals are taxed

RRSP withdrawals are added to your income and taxed based on your tax bracket at the time.

Age limit

You can make RRSP contributions until December 31 of the year you turn 71.

Withdrawal restrictions

You can only withdraw for retirement income, to continue your education or supplement your first home down payment.

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Not tax deductible

TFSA contributions don’t reduce your income for tax purposes.

Withdrawals are not taxed

TFSA withdrawals and growth are tax free and not included in your income.

No age limit

You can contribute to your TFSA from the age of 18 onwards for as long as you like.

No withdrawal restrictions

Withdrawals can be made at any time for any purpose without penalty.

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Save faster for any goal

A car, a vacation, a home – no matter your goal, you can save faster to reach it with a Tax Free Savings Account.

Fund your children’s bright future

Set aside savings for your child's schooling boosted by grants provided by the federal and provincial government.

RRSP vs TFSA calculator

Explore which tax-smart solution can help you reach your goals faster.