Registered Retirement Savings Plan (RRSP)
Make your golden years even brighter by saving up today.
An RRSP is a smart way to save for life after work
Reduce your yearly tax bill now
Any money you put into an RRSP within the contribution limit is deducted from your annual income — meaning nice savings for you at tax time.
Withdraw at a lower tax rate later
Any growth in your account is tax-free until withdrawal. When it comes time to withdraw in retirement, you’ll likely get to do so at a lower tax rate.
Pay for education or a home
The Home Buyer’s Plan and Lifelong Learning Plan let you withdraw limited amounts from your RRSP before retirement.
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Get to know the RRSP
$32,490
Annual contribution limit for 2025, and unused portions can carry forward to the following year.
18%
The percentage of last year’s income you can contribute to your RRSP, provided it doesn’t exceed the annual limit set by the government.
18-71
The age of eligibility to open and invest in an RRSP. Once you turn 71, your RRSP will need to be converted to a RRIF.
Unlimited carry-over
A big perk of RRSPs: your unused contribution room carries over year after year without expiring.
Who should open an RRSP?
If your employer has a matching program GRSP, it’s probably a good idea to take advantage of it.
You may want to open an RRSP if you’re making more than $57,375 and you’re comfortable putting money away for the long-term.
Lastly, couples with vastly different income levels could consider opening a Spousal RRSP to maximize tax benefits for both partners.
Ways to invest with an RRSP
Have your portfolio managed by our advisors
With Managed investing, we do the heavy lifting. Tell us your goals and timeline and we’ll invest your money in a diverse range of assets.
Independently trade stocks and ETFs
A Self-directed account allows you to buy and sell over 14,000 stocks and ETFs commission-free. You can automate your investments, and start trading right away with up to $250,000 in instant deposits.
Open your RRSP as a registered savings account
With a High Interest Savings Account, you can earn up to 2.75% interest on your savings without the risk of stock market fluctuations.
What’s the difference between an RRSP and a TFSA?
These accounts are two common ways to save up for life’s big expenses. The good news: you don’t have to choose one or the other.
Attribute | RRSP | TFSA |
|---|---|---|
| Helps you save for | Retirement | Big purchases or retirement |
| Eligibility | 18-71 years old | 18+ |
| Annual contribution limit | 18% of previous year's income, up to $32,490 | $7,000 for 2025 |
| Tax impact on contributions | Deducted from taxable income | None |
| Tax impact on withdrawals | Taxed as income (with some exceptions) | Growth and withdrawals are tax-free |
| Contribution deadline | 60 days after December 31 | December 31 but can carry forward |
| Government benefits | Withdrawals may impact other government benefits based on income | No impact on other benefits |
| Withdrawal stipulations | Must withdraw to RRIF at 71 | None |
We make retirement saving simple
Start investing in minutes
Open your account without any bank appointments or paperwork. Making your contributions (or withdrawing when the time comes) only takes a few taps.
Reach out to us for support
Questions about your RRSP? Our team is here to help — just get in touch.
Keep more of your returns
Whether you’re picking your own stocks or letting us manage the investing, you won’t need to worry about high fees eating into your returns.
Transfer an existing RRSP to Wealthsimple, we'll give you back the transfer fees
We'll automatically reimburse the transfer-out fees charged by your brokerage when you move at least $25,000 to us. Conditions apply.
Even more ways to grow your wealth
Take the work out of retirement saving
Open your RRSP without any paperwork or visits to a bank, and start saving up for retirement today.
FAQs
An RRSP is a tax-advantaged account that lets you save money and invest. These contributions can grow on a tax-deferred basis, meaning they aren’t taxed until you go to withdraw the funds. You can also deduct contributions from your annual taxes so your taxes for the year are lower.
An RRSP works as a vehicle to hold securities and cash to help you save for retirement. Growth is tax-deferred, meaning you pay tax when you withdraw from the account, which should likely be at a lower taxable bracket in retirement than when you were earning the initial savings you deposited.
Your RRSP contribution room depends on your income history and whether or not you have unused RRSP contribution room. You can contribute up to 18% of the income you reported on your prior year’s taxes, with a cap.
RRSPs can hold a number of different types of investments including stocks, ETFs, bonds, GICs, mutual funds, and cash.
A deferred profit sharing plan (DPSP) is similar to an RRSP in that it helps you save towards retirement, but it differs because the DPSP is funded from your employer (kind of like a pension). Though the two types of accounts have different contribution limits, if you contribute to both accounts, the DPSP contributions subtracted from your RRSP limit.
RRSP contribution room is the amount of money or value of securities you can deposit into your RRSP in a given year.
The RRSP contribution deadline comes 60 days after the end of the year. For the 2025 tax-filing year, it will be March 2, 2026.
Your RRSP deduction limit is the amount you could possibly claim as a tax deduction from your income in a given year.
If you have an RRSP (or multiple) and a spousal RRSP, the deduction limit is the maximum amount you can contribute to all your accounts combined.