Happy young couple

Retire sooner

Registered Retirement Savings Plan

Plus, you’ll lower your lifetime tax rate and can borrow from your investment for education or your first home!

Join the 57,000+ members who bank with us!



Discover the benefits!

  • Earn tax deductions
  • Borrow for education or a first home
  • Mutually save and earn with your spouse
  • Enjoy tax-free earnings
  • Pay less tax in retirement


Achieve your retirement dreams!



Enjoy tax deductions

You can claim your RRSP contribution as a deduction on your tax return. Pay less taxes!

Use your RRSP for a first home or education

Pay no taxes on RRSP withdrawals to buy a first home or pay for your or your spouse’s education. 

Save and earn with your spouse

If you earn more than your spouse, you can save on taxes by contributing to a spousal RRSP. You’ll help them build their tax-free savings into retirement. 

Earn interest tax-free

You do not have to pay taxes on investment income in your RRSP. Tax free compounding will allow your savings to grow faster. 

Pay less in retirement

While you do have to pay tax when you withdraw funds from your RRSP in retirement, you will be in a lower tax bracket. The result? Huge tax savings!


RRSP Options

Save on taxes!

  • Interest paid annually and/or at maturity to your RRSP account
  • See current rates
  • No redemption penalty
  • Additional deposits are permitted in any amount at any time during the investment length
  • Minimum deposit - $1,000
  • Minimum partial withdrawal - $1,000
  • Minimum balance of $1,000 must be maintained 

Apply Today

Retire faster!

  • Interest paid annually and/or at maturity to your RRSP account
  • See current rates
  • Minimum deposit - $1,000

Apply Today

Save for your $1,000 minimum!

  • Interest paid annually and/or at maturity to RRSP account
  • See current rates
  • Pre-authorized transfers are required and may be set up at any frequency and for any amount
  • Additional deposits are permitted in any amount at any time during the investment length
  • Minimum initial deposit - $5.00
  • Minimum balance by maturity - $1,000 

Apply Today 

Take advantage of rate increases!

  • Interest paid annually and/or at maturity to your RRSP account 
  • See current rates
  • Convertible option only available once during the originating investment length
  • Convert into a non-redeemable investment of equal or greater than the remaining investment length
  • Minimum deposit - $1,000

Apply Today

Earn more PLUS easily access your funds. It's a win-win!

  • 1 year, 2 year, 3 year, 4 year, and 5 year (must have minimum of $1,000 in each investment length)
  • Interest paid annually and/or at maturity to your RRSP account
  • See current rates
  • Minimum deposit – $5,000

Apply Today

Save for your RRSP investment! And easily transfer funds to your RRSP.

  • Interest calculated daily and paid at month end
  • See current rates
  • Redeemable
  • No monthly fee
  • No minimum deposit required
  • Pre-authorized transfers maybe set up at any frequency and amount
  • Fixed recurring withdrawals permitted for a set amount at a set frequency (for income replacement)
  • No redemption penalty

Apply Today



Catch up on your contributions with an RRSP Quick Loan

  • Available for personal use only
  • Advances are for RRSP contributions only
  • Interest compounded annually
  • Minimum credit limit - $1,000
  • Unlimited prepayment
  • Term length 1 to 5 years 
  • See current rates
  • An Innovation account is required for payment of quick loans. The payment cannot come from another financial institution. 
  • Applicable application fees

Apply Today



Get professional advice

Needing some help with your investment decision?

Our Innovation Wealth team can work with you to develop an investment strategy. Contact them for a coffee and consultation today!



Save

Our No-Fee Bank Account has no monthly fees and no balance requirements. Save as much as $360/year in fees!

Earn

You earn cash dividends simply by doing your everyday banking with us. The more you bank with us, the more you benefit.

Give

Your business helps us support your community. We allocate 2% to 4% of pre-tax profits/year to our communities.



Questions?

You can apply for an RRSP if you are a Canadian resident for tax purposes, and file income taxes in Canada. You must be 71 years old or under.

The RRSP contribution limit this year is $29,210. You can carry forward your unused contribution room. To find out your contribution room, you can review your Room Statement from the Canada Revenue Agency or call 1-800-267-6999 and provide them with your Social Insurance Number.

It’s March 1, 2022. Contributions made in the first 60 days of the year can be claimed against the previous year's income.

The maximum amount you can borrow from your RRSP for your first home is $35,000.

You can borrow $10,000/year for education, up to a maximum of $20,000.

The initial deposit must be $1,000 or more. If you don’t have $1,000, no problem. You can open an RRSP Savings Account. Deposit as little or as much as you like and save, tax-free, for that $1,000 initial deposit. Apply today or if you already have a registered investment with us, you can open a RRSP Savings Account through digital banking. Go to Accounts > Open Account > Registered > RRSP Savings Account.




Save on taxes and retire sooner!

Invest in yourself and the retirement you’ve been dreaming of. Open an RRSP today.


Need more help choosing the right savings product?

Try our Savings Selector.

Rates subject to change without notice.

Calculators on the site are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please contact us directly to seek personalized advice from qualified professionals for all personal finance issues.

Investments require a minimum deposit of $1,000. Interest is earned in the currency of the account and calculated on a per annum basis. Rates are subject to change without notice. Interest rates are annual interest rates. Interest is calculated daily on the closing credit balance. If term is withdrawn in full, the accrued interest is paid in full based on prior day's amount. If partial withdrawals are processed, there is no payment of accrued interest as it's paid according to the original terms. Interest for products can either be paid to a separate account or added to the principal on each anniversary date and at maturity.

Learn more about our accounts and services. Review our Account and Fee Information (pdf).