RRSPs in Ontario
An RRSP helps you save for the future while potentially lowering your taxable income today. Your RRSP can hold different options based on your goals, including savings, GICs, mutual funds, bonds, and money market funds.
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What is an RRSP?
A Registered Retirement Savings Plan, or RRSP, is an account designed to help you save and invest for retirement. Contributions may reduce your taxable income, and the money inside the account can grow tax-deferred until you withdraw it. You can hold different types of investments inside your RRSP account.1
Savings
Learn more about SavingsHold savings inside your RRSP for money you want to keep focused on retirement. This can be a simple option for members who want registered retirement savings with more stability and access than market-based investments.2
GICs
Learn more about GICsSecure your GICs with a locked-in guaranteed interest rate inside your RRSP. A GIC inside an RRSP can help your savings grow with predictable returns while staying within your registered retirement plan and offering tax advantages.3
Investments
Learn more about InvestmentsPlace eligible investments like mutual funds, bonds, stocks, or ETFs inside your RRSP. Choose advisor-led investing, digital managed portfolios, or self-directed online investing based on your goals, timeline, and comfort with risk.4
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See if your retirement savings are on track
Estimate how your RRSP savings and ongoing contributions could add up by retirement. Use our retirement savings calculator to see how much room you have and where you stand.
Smart RRSP habits can make the tax season feel a little less rushed
You do not need to wait for the annual tax deadline to think about your RRSP. Implementing a few small decisions through the year can make retirement saving easier to keep up with and tax time a little less stressful. Start early, reinvest your tax refund, and think long term. Let us help.
AutomateSet up automatic contributions
Set up automatic contributions
Regular contributions can make building your RRSP a more consistent habit. By setting up automatic deposits from your bank account or each paycheque, you can contribute without having to make the decision every month or waiting until you have a larger amount available. Even smaller, regular contributions add up over time. Choose an amount that fits your budget, and review it periodically as your income, expenses and retirement goals change.
AlignMatch investments to your timelines
Match the investment to your timeline
The investment choices inside your RRSP should reflect your retirement goals, timeline and comfort with market ups and downs. If retirement is still years away, you may have more time to ride out short-term market fluctuations. If you’re getting closer to retirement, you may want to review your investments and consider whether the level of risk still makes sense for your timeline.
AdviceKnow your contribution limits
Be aware of your contribution room
Your RRSP contribution room is personal and is based on things like your income and previous contributions. Before making a larger contribution, check how much room you have available to avoid accidentally exceeding your limit. Keep track of your contributions throughout the year, particularly if you contribute through more than one account or employer. Checking your available room before making a significant contribution can help you make the most of your RRSP.
How RRSP contribution room works
Your RRSP contribution room is based on your personal tax situation, including your income, past contributions, pension adjustments, and any unused room from previous years. You can find your current RRSP deduction limit in your CRA Account or on your latest Notice of Assessment after you file your tax return. Check your available room before making a contribution, because going over your RRSP limit can lead to tax penalties.5
Can RRSP contributions lower my tax bill?
Commonly asked questions
An RRSP may hold options such as savings, GICs, mutual funds, bonds, money market funds, stocks, ETFs, and other eligible investments, depending on the product and provider.
Yes. RRSP withdrawals are generally taxable as income, unless they qualify under a specific government program such as the Home Buyers’ Plan or Lifelong Learning Plan.
It depends on your income, tax situation, retirement plan, and when you may need the money. RRSPs are often used for retirement and tax deductions. TFSAs are often used for more flexible savings and tax-free withdrawals.
Yes. You may be able to transfer an existing RRSP from another financial institution. An advisor can help you understand the process and whether transfer fees or restrictions may apply.
Yes. Eligible RRSP contributions can usually be claimed as a deduction on your tax return, which may lower your taxable income for the year. Your deduction is limited by your available RRSP contribution room, so it is important to check your room before contributing.
Going over your RRSP deduction limit can lead to tax penalties. Before making a larger RRSP contribution, check your available room and consider speaking with a tax professional if you are unsure.
RRSP contributions can generally be made during the tax year or within the first 60 days of the following year to be considered for that tax year. Check the current CRA deadline each year before making a last-minute contribution.
Yes, but RRSP withdrawals are generally taxable as income in the year you take the money out. There are some programs, such as the Home Buyers’ Plan and Lifelong Learning Plan, that may allow eligible withdrawals under specific rules.
Other RRSP options to consider
Some RRSP decisions depend on timing, income, household planning or your living situation. These options may be worth discussing before you contribute.
RRSP loans
Learn more about RRSP loansAn RRSP loan can help you make a contribution sooner for tax advantages. It can be useful when you want to use contribution available today.6
Spousal RRSPs
A spousal RRSP may help couples plan how retirement income could be split later. It can be useful when one spouse expects to have a higher income than the other in retirement.7
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¹ RRSP tax treatment
Eligible RRSP contributions may be deducted from your income, up to your available RRSP deduction limit. Investment income generally remains tax-deferred while held in the plan. Withdrawals are generally taxable, except where a qualifying withdrawal program applies. Tax benefits depend on your individual circumstances, and tax rules may change.
² RRSP savings and deposit insurance
Access to RRSP savings is subject to the account terms and applicable withdrawal rules. Withdrawals generally do not restore contribution room. Eligible Canadian-dollar deposits held in an RRSP at YNCU have unlimited deposit insurance coverage through the Financial Services Regulatory Authority of Ontario (FSRA), subject to its rules. This coverage does not extend to mutual funds, stocks, ETFs or bonds.
³ GIC terms and guarantees
GIC rates, terms, minimum deposits and interest payment options vary by product. Rates may change before purchase or renewal. Fixed-rate guarantees and access to funds are governed by the investment agreement. Non-redeemable GICs generally cannot be cashed before maturity; early redemption of cashable or redeemable GICs may affect interest payable.
⁴ Investment risks and availability
Investment options and services vary by provider and account type. Mutual funds, stocks, ETFs and bonds involve risk and may lose value. Returns are not guaranteed, and past performance does not indicate future results. Fees and expenses may apply. Only qualified investments may be held in an RRSP. Review the applicable investment and account disclosures before investing.
⁵ Contribution limits
You are responsible for confirming your available contribution room before contributing, including through automatic contributions. Your CRA records may not reflect recent contributions or transactions. Your deduction limit and available contribution room may differ if you have previously made contributions that you have not deducted. Excess contributions may result in tax penalties.
⁶ RRSP loans
RRSP loans are subject to credit approval and lending terms. Borrowing does not increase your RRSP contribution room or guarantee a tax refund. Interest paid on money borrowed to contribute to an RRSP is not tax-deductible. You remain responsible for repayment regardless of investment performance or any tax refund received.
⁷ Spousal RRSPs
Contributions to a spousal RRSP use the contributing spouse’s or common-law partner’s contribution room. Withdrawals may be attributed to the contributor for tax purposes if contributions were made in the withdrawal year or either of the two preceding calendar years, subject to exceptions. Potential tax benefits depend on your household’s circumstances.
General information
This page provides general information and does not constitute individualized investment, tax or legal advice. Speak with a qualified advisor about your circumstances. Product availability, eligibility requirements and account terms apply.