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​Registered Retirement Savings Plan (RRSP)

 

Plan your contributions and invest in your future

An RRSP provides you with tax advantages to grow your retirement savings faster while you are still working.

 

Investment Options

RRSP GICs

A full range of short to long-term Guaranteed Investment Certificates (GICs) are RRSP-eligible.

RRSP Mutual Funds, Stocks, Bonds

Diversify your RRSP investments like an expert with direct access to our wealth advisors through FirstOntario Wealth Connect in partnership with Aviso Wealth.

 

Features of an RRSP

Two Overlapping Dollar Bills

​Pay less tax

Reduce your annual tax bill and save for the future.

Hands Cradling a Coin

​Maximize your investment potential

Your investment grows tax-free while in the RRSP.

Coin Balancing on Another Coin

​​Fund your first home

Borrow RRSP funds without penalty to help with your first down payment.

Open Book

​​​Expand your education

Borrow RRSP funds without penalty to continue with post-secondary education.

To learn more about the benefits and other helpful information about RRSPs, keep reading.

Why choose a Spousal RRSP?

If you or your partner have a significantly higher income now, or expect to in the future, think about these features.

 

Pay less income tax

The contributing partner defers taxes paid on their annual income tax.

Consider income splitting

Your overall tax bill is reduced by keeping both spouses in a lower tax bracket during retirement.

​Defer taxes over 71

If you are 71+, you can no longer contribute to an RRSP, but if your spouse is 71 or younger, you can contribute to their Spousal RRSP and still claim a tax deduction.

How much can you contribute?

Your spousal RRSP contribution, when combined with your personal RRSP contribution, cannot exceed your personal RRSP deduction limit.

  • If you are a Canadian taxpayer 71 years of age or younger, you can make annual contributions up to 18% of your earnings up to a limit set by the federal government.
  • Find your personal RRSP contribution limit for the current year on your previous year's Notice of Assessment.
  • View your refunds, returns and limits online or mobile using  the Canada Revenue Agency (CRA) My Account.  
  • Call the CRA T.I.P.S. line at 1-800-267-6999 from mid-September through to the end of April. You’ll need your Social Insurance Number, date of birth and total income from line 150 of the previous year's income tax return.

RRSP Interest Rates

List of rates for LONG TERM NON-REDEEMABLE GICS*
LONG TERM NON-REDEEMABLE GICS* Rate
1 Year
4.75
2 Year
4.50
3 Year
4.30
4 Year
4.20
5 Year
4.15
List of rates for RRSP AND RRIF SAVINGS ACCOUNTS*
RRSP AND RRIF SAVINGS ACCOUNTS* Rate
$0 - $1,000.00
0.10
$1,000.01 - $10,000.00
0.10
$10,000.01 - $25,000.00
0.20
$25,000.01 - $50,000.00
0.30
$50,000.01 - $100,000.00
0.40
$100,000.01 +
0.55

*Rates are subject to change at any time. Conditions apply.

Home Buyers’ Plan

If you qualify as a first-time home buyer, you can use up to $35,000 from your RRSP to help pay for your new home as part of the federal government’s Home Buyers' Plan (HBP). Your spouse or partner can do the same, which would give you a total of $70,000.

You don’t have to pay tax on this withdrawal, but you do need to pay it back within 15 years.

Find all the details about the HBP on the Government of Canada’s website.

Lifelong Learning Plan

This program allows you to withdraw up to $10,000 in a calendar year from your RRSPs to help finance education costs for you or your spouse/common-law partner. You cannot withdraw more than $20,000 in total.

As long as you meet the Lifelong Learning Plan (LLP) conditions every year, you can withdraw amounts from your RRSPs until January of the fourth calendar year after the year you made your first LLP withdrawal.

More details about the LLP can be found on the Government of Canada’s website.

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Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.