Retire sooner with an RRSP

Plus, you’ll lower your lifetime tax rate and can borrow from your Registered Retirement Savings Plan (RRSP) for education or your first home!

  • Get your approval in one business day!

Retire sooner with an RRSP

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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

Note: Over Contribution Penalties apply.

To obtain the most up-to-date information about your RRSP contribution room, you can:

  • visit the CRA website and choose My Account or My CRA after you log in,
  • call the CRA’s Tax Information Phone Service at 1.800.267.6999 (TIPS), or
  • view your most recent Notice of Assessment

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
  • You can access 20% of your deposit annually since 1/5 of your deposit matures in 1 year

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

Open an RRSP Savings Account to contribute to your RRSP in seconds!

Contribute to your RRSP online today!

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!

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!


Our No-Fee Bank Account has no monthly fees and no minimum balance requirements. Save ~$11/month in fees!


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


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


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.

RRSP: What a Registered Retirement Savings Plan Can Do For You

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. 

How Does an RRSP Work?

First, you set up this savings plan with your financial institution. Then, the Canadian government registers it. From there, you can start making tax-deductible contributions to your RRSP. 

The funds will grow due to further contributions, interest, and returns on investments until it’s time to make a withdrawal. Retirees tend to be in a lower tax bracket than full-time employees. That means there are opportunities to save money on taxes when making a regular withdrawal, too.

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.

Is an RRSP the Same as a 401k?

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.

Start Setting Up Your RRSP Today!

Wondering how to set-up an RRSP? Opening an RRSP account is easy! Check out our RRSP interest rates and apply for your savings plan today. With competitive RRSP rates and high-quality customer service and support, you're equipped for success. Get started today!


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.