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What is an RRSP?
A Registered Retirement Savings Plan (RRSP) allows you to:
Deduct contributions from your taxable income
Grow investments tax-deferred
Access funds for major life milestones like buying your first home or returning to school
Your money works harder—because taxes don’t get in the way.
Why Canadians Use RRSPs
✔ Lower your income tax today
✔ Grow your investments without annual tax drag
✔ Carry unused contribution room forward
✔ Support a spouse’s retirement strategy
✔ Use RRSP funds for a home (HBP) or education (LLP)
This is planning with intention—not guesswork.
How Much Can You Contribute?
You may contribute up to 18% of your earned income, subject to the federal annual maximum.
Unused contribution room accumulates, giving you flexibility when your income increases.
Translation: Missed past years? You’re not behind—you’re just getting started.
Who Should Consider an RRSP?
An RRSP may be right for you if:
You earn $60,000+ annually
You want to reduce taxes now
You expect lower income in retirement
You’re planning for a home, education, or retirement
You want a disciplined, long-term savings plan
Ready to See What Your RRSP Can Do?
Protect . Grow . Prosper
See how much tax you could save this year
FHSA vs TFSA vs RRSP — Quick Value Calculator
Run a side-by-side estimate to see which account fits your goal (first home, flexibility, or retirement).
Assumes equal annual deposits (end of each year) and a simple refund estimate: refund ≈ contribution × tax rate. This is a planning tool — the CRA doesn’t accept “because the calculator said so.” 🙂
Disclosure: Educational estimates only. Taxes, eligibility, contribution limits, and withdrawal rules vary by person and can change. For FHSA/RRSP/TFSA decisions, confirm with a licensed advisor and/or tax professional.
Why results may look similar:
Short timelines and small contribution amounts often produce similar outcomes across accounts. Differences become clearer over longer horizons or when refunds are reinvested.
Review this with an advisor
Your RRSP deserves strategy—not guesswork.
Review your results with a licensed advisor and turn numbers into a plan.
