Note: Over Contribution Penalties apply.
To obtain the most up-to-date information about your RRSP contribution room, you can:
Save on taxes!
Retire faster!
Save for your $1,000 minimum!
Take advantage of rate increases!
Earn more PLUS easily access your funds. It's a win-win!
Save for your RRSP investment! And easily transfer funds to your RRSP.
Now you can easily open and deposit money into your RRSP by logging into your Innovation Federal Credit Union online and mobile banking app.
Contribute to your RRSP in three easy steps.
Step 1: to get started, simply click on the Accounts option on your home page.
Step 2: then transfer money from one of your accounts to your RRSP Savings Account if you don't have sufficient funds for your deposit in your RRSP Savings Account.
Step 3: open a new RRSP deposit account based on your needs using the RRSP Savings Account as your funding account.
And that's it! Topping up your RRSP account is simple and easy with Innovation's online banking and mobile app. Start saving for your future today!
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.
A registered retirement savings plan (RRSP) is exactly what it sounds like. This vehicle for saving and investing allows you to earn money on savings and investments tax-free. Until you make a withdrawal from your account, you won’t need to worry about taxes.
An RRSP also allows you to make special, tax-free withdrawals to purchase your first home. You can also take money out to pay for your or your spouse’s education without worrying about taxes.
By funding your savings plan during your working years, you can build a nest egg for retirement. Setting up an RRSP early on, then letting investments grow tax-free for decades, can lead to some significant returns. Even if you’ve already spent plenty of time in the workforce, you should still consider the tax benefits of an RRSP.
The flexibility of an RRSP is also worth noting. You can choose to make a regular withdrawal from your account at any time. While you’ll have to pay taxes on that withdrawal, there are no additional or special penalties or fees involved.
While it’s always better to save money for retirement than to use it beforehand, urgent situations and emergencies can and do happen to everyone. Your RRSP can help you deal with the financial impact of those major issues.
An RRSP is very similar to an American 401k retirement plan. While there are some differences between the two, there are plenty of big-picture similarities as well. Both are intended for retirement savings and offer special tax advantages.
A 401k isn’t available in Canada, so don’t worry too much about the differences. Just know that an RRSP is the closest equivalent. It’s something generations of Canadians have counted on to fund their retirement since it was introduced in the 1950s.
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).
Identify the interest rates applicable to your account(s) and how they're calculated. Review our About Our Interest Calculations (pdf) document.
