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Registered Retirement Savings Plan (RRSP)

Reduce your taxable income and set yourself up with a steady income after retirement with tax-deferred savings.

What is an RRSP?

An RRSP is an account specifically designed to help income-earning Canadians under the age of 71 save for retirement. An RRSP holds other types of investments such as GICs, mutual funds*, and stocks*. 

RRSPs allow you to reduce your taxable income now through tax-deductible contributions and defer paying taxes on your investment earnings until after retirement. At that point, you are typically earning less income and are likely in a lower tax bracket.

RRSP features you’re sure to enjoy

Enjoy flexible savings options

Choose from a variety of investment options within your RRSP to suit your savings goals.

Roll forward unused contribution room

Unused contribution room can be rolled forward to the next year.

Automate your contributions

Set up a monthly preauthorized debit to your RRSP so you can save without even thinking about it.

Choose the RRSP solution that’s best for you

Variable savings

Choose this competitive interest, variable-rate savings option while you decide the best way to invest your funds.

Features
  • Earn interest right from dollar one 
  • Interest calculated on a minimum daily balance and paid annually on December 31
  • Deposits are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba*

GICs

Choose a term length that works for you and earn a guaranteed rate of return.

Features
  • Choose from convenient 1- to 5-year terms with a minimum investment of $500
  • Interest is paid annually and can be compounded (added to the GIC) or paid out to your account
  • GICs are non-redeemable 
  • Tiered interest rates start at $100,000 and are paid on the entire balance
  • Deposits are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba*

Mutual funds

Mutual funds are a good way to diversify your savings portfolio and you can benefit from our knowledgeable advisors and professional investment management to meet your financial goals.

Features
  • Choose from a broad assortment of professionally managed mutual funds**
  • Diversification for a portfolio that’s custom tailored to your needs and risk tolerance
  • Convenient and simple way to invest in a variety of securities
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Getting to know RRSPs

RRSP contribution limits
You can make regular contributions to your RRSP throughout the year and up to 60 days into the next year until December 31st of the year you turn 71 years old. There are limits on how much you can contribute to your RRSP annually. Your specific annual maximum contribution limit will be listed in your most recent Notice of Assessment from Canada Revenue Agency. 

Your annual contribution limit is either 18% of your earned income from the previous year, the remaining contribution limit after an employer-sponsored pension plan, or the maximum annual limit for the taxation year (see table below) whichever is the lowest. 

The deadline for 2022 contributions is Wednesday, March 1, 2023.
 
Taxation year
RRSP contribution limit

2022

$29,210

2021

$27,830

2020

$27,230

2019

$26,500

2018

$26,310

2017

$26,010

2016

$25,370

RRSP eligibility
Any individual person (not trusts or corporations) who meets the following requirements is eligible to open an RRSP:
 
  • A Canadian resident
  • Has earned income and filed tax returns
  • Is under the age of 71
  • Holds a valid Canadian Social Insurance Number
RRSPs and pension plans
Should you contribute to an RRSP if your work already has a pension plan? There are a few additional advantages to saving in an RRSP:
 
  • RRSPs are accessible before you retire
  • You have more control over how your savings are managed
  • RRSPs are available to both you and your spouse

Tips & tools

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Get answers to your RRSP questions

We spoke with one of our Senior Wealth Advisors about common RRSP questions members have, and the best ways to save for the future.
Read the full article
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Consider a Registered Investment Loan

With interest charged only on the outstanding balance and a low borrowing cost, this product can be the perfect solution to help you maximize your RRSP contributions.
Explore a Registered Investment Loan
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Receive investing advice

Our Insights & Advice page includes plenty of great articles to help you make the most of your investments.
Read our investing articles

RRSP rates

Account
Account Balance
Interest Rate
GIC (RRSP / RRIF / TFSA)
12-month Less than $100K 4.50%
$100K - $249,999 4.55%
$250K** and over 4.60%
24-month Less than $100K 4.60%
$100K - $249,999 4.65%
$250K** and over 4.70%
36-month Less than $100K 4.80%
$100K - $249,999 4.85%
$250K** and over 4.90%
48-month Less than $100K 4.85%
$100K - $249,999 4.90%
$250K** and over 4.95%
60-month Less than $100K 5.10%
$100K - $249,999 5.15%
$250K** and over 5.20%
TFSA (variable) 3.35%
**Limits may apply.

*Includes all savings and chequing accounts, RRSPs, RRIFs, TFSAs, and GICs. 
**Mutual funds and related financial planning services are offered through Credential Asset Management Inc. Mutual funds, other securities and securities related financial planning services are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.

Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. 

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