Retirement
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Education
RRSP Benefits
Enjoy Tax Deductions
You can claim your RRSP contribution as a deduction on your tax return. Pay less taxes!
Earn Interest Tax-Free
You do not have to pay taxes on investment income in your RRSP. Tax-free compounding interest will allow your savings to grow faster.
Pay Less Tax in Retirement
While you do have to pay tax when you withdraw funds from your RRSP in retirement, you will probably be in a lower tax bracket.
Save With Your Spouse
Earn more than your spouse? Save on taxes by contributing to a spousal RRSP. You'll help them build tax-free retirement savings.
RRSP Requirements
Identification
You'll need a Social Insurance Number (SIN), and one of these documents:
- Canadian Driver's License
- Indian Status Card
- Provincial Photo ID (not including Quebec)
Unexpired Passport from:
- Canada
- Australia
- China
- India
- Mexico
- Philippines
- Singapore
- Taiwan
- United States
Eligibility
You are eligible if you:
- Are a Canadian resident (not including Quebec)
- Are between 18 and 71 years of age
- Earned employment or business income
- Filed an income tax return
Member Share
You'll need to purchase a $5 membership share (new members only).
How to Apply for an RRSP
Digital Banking
If you're already a member, you can apply through digital banking.
- Login
- Choose Accounts > Open Account > GICs/Term Deposits
- Select the RRSP type and term length of your choosing
Apply Online
Complete our short RRSP form and you'll hear from us soon about opening your investment.
Popular RRSP Options
3-Year Convertible
If there's a rate increase, convert into a higher rate investment once over the term.
Current Rate: 3.00%*
RRSP Savings Account
Save for a $1,000 investment minimum. Earn interest tax-free.
Current Rate: 0.60%*
Non-Redeemable RRSPs
Enjoy competitve rates in 1 to 5 year terms.
Current Rates: 3.00%* to 3.25%*
RRSP Investments
1-Year Redeemable
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
1 to 5-Year Non-Redeemable
Retire faster!
- Interest paid annually and/or at maturity to your RRSP account
- See current rates
- Minimum deposit - $1,000
1-Year Easy Start Non-Redeemable
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
3-Year Convertible Non-Redeemable
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
Laddering Strategy
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
RRSP Savings Account
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 may be 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
Need more help deciding which savings product is best?
Calculator
Try a savings calculator to see in seconds how much you can save.
Savings Selector Tool
Try our Savings Selector Tool for personalized recommendations.
Blogs
Check out our savings blogs like our "RRSP vs TFSA" article.
Questions
RRSP General Details
Am I eligible for a RRSP?
You can apply for an RRSP if you are a Canadian resident for tax purposes, and file income taxes in Canada. The maximum allowable age for an RRSP is 71.
When is the RRSP deadline?
It’s March 1, 2027. Contributions made in the first 60 days of the year can be claimed against the previous year's income.
What is the minimum investment for an RRSP?
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.
What's the maximum age I can have an RRSP for?
The maximum age at which you have to convert your RRSP into an RRIF is 71.
How does an RRSP work?
- Reach out to us to open an RRSP for you. If you're already a member, you can apply through digital banking. Choose Accounts > Open Account > GICs/Term Deposits. Select the RRSP type and term length of your choosing and follow the prompts.
- The Canadian government will register your RRSP.
- You can then start making tax-deductible contributions!
Your funds will grow with further contributions, interest, and returns on investments until it's time to make a withdrawal. When you retire, you’ll most likely be in a lower tax bracket than when you were a full-time employee. 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.
What can an RRSP do for me?
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 take money out to pay for your or your spouse’s education without worrying about taxes as well.
How can I make the most of my RRSP?
Consider different savings options — There are other tax-savings investments to consider, like a TFSA or FHSA (if you’re saving for your first home). Adding these accounts to the mix may give you even greater flexibility, access to cash, and earning potential.
Get a head start on your savings — Open an RRSP account early so you can take advantage of compounding interest. Earning interest on your interest plus paying less tax every year really adds up!
Manage your contributions — Try to contribute as much as you’re permitted every year to to get the most of your tax benefits and investment growth. If you aren’t able to max out your contributions, you can carry them forward to the next year to reap their benefits.
A valuable strategy to consider is making monthly automatic contributions to your RRSP. You’ll earn interest every month; plus, making smaller consistent contributions versus one large one annually is much easier to manage and budget for.
- Find the best RRSP rates — Last but not least, find the best plan for you with competitive interest rates to help you save more for your retirement. Contact us to get started!
RRSP Contributions
What are the RRSP contribution limits?
The RRSP contribution limit for 2026 is either $33,810 or 18% of your annual income - whichever is the lesser amount.
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.
How can I view my RRSP contribution room so I don't over-contribute?
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
RRSP Withdrawals
How much can I borrow from my RRSP for a first home?
The maximum amount you can borrow from your RRSP for your first home is $35,000.
How much can I borrow from my RRSP for education?
You can borrow $10,000/year for education, up to a maximum of $20,000.
Will I pay taxes when I withdraw money from my RRSP to buy my first home?
You'll pay no taxes on RRSP withdrawals to buy your first home. Simply repay what you borrow in 15 years.
Will I pay taxes on RRSP withdrawals for education costs?
You'll pay no taxes on RRSP withdrawals for your or your spouse’s education. Withdraw up to $10,000 in a calendar year.
Learn more by viewing our RRSP brochure (pdf).
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.