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RRSP contributions

March 1

A registered retirement savings plan (RRSP) is a retirement plan that we register and that you or your spouse or common-law partner establish and contribute to. Deductible RRSP contributions can be used to reduce your tax. Any income you earn in the RRSP is usually exempt from tax for the time the funds remain in the plan. However, you generally have to pay tax when you cash in or receive payments from the plan.

You can withdraw from RRSPs to:

  • buy or build a home for yourself through the Home Buyer’s Plan
  • assist someone who is related to you and is disabled
  • finance training or education for you or your spouse or common-law partner through the Lifelong Learning Plan