RRSP Planning
Build Your Retirement Savings and Reduce Your Tax Bill
An RRSP is one of the most powerful tools Canadians have to grow retirement savings while lowering the taxes they pay today.
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- Free, no-obligation advice
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Why it matters
RRSP at a Glance
01
Tax deduction today
Contributions reduce your taxable income, which can mean a bigger refund.
02
Tax-deferred growth
Investments grow without being taxed until you withdraw.
03
Spousal RRSP
Helps balance retirement income between spouses.
04
Home and education
The Home Buyers’ Plan and Lifelong Learning Plan let you borrow from your RRSP.
Your options
RRSP or TFSA?
The best choice depends on your tax rate now compared with later.
Tax break now
RRSP
Best when your income is higher today
- Contributions are tax-deductible
- Withdrawals are taxed as income
- Room: 18% of last year’s earned income, up to $33,810 for 2026
- Converts to a RRIF by the end of the year you turn 71
Tax-free later
TFSA
Best for flexibility and lower incomes
- Contributions are not deductible
- Growth and withdrawals are tax-free
- Annual limit: $7,000 for 2026
- Withdrawals do not affect government benefits
Is this for you?
Who Should Consider It?
An RRSP works best when you expect a lower tax rate in retirement.
- Anyone earning income and paying tax
- People in a higher bracket now than they expect in retirement
- Those without a workplace pension
- Anyone with unused contribution room to catch up
How it works
Four Simple Steps
- ReviewWe look at your income, tax situation, and savings.
- CalculateWe work out your room and the best contribution amount.
- InvestWe recommend an approach that fits your risk and timeline.
- CoordinateWe align your RRSP with your TFSA and other income sources.
Questions
Frequently Asked Questions
What is the RRSP deadline?
You can contribute for a tax year until 60 days after December 31, usually around March 1.
How do I find my contribution room?
It is shown on your CRA Notice of Assessment and in your CRA My Account.
What is the Home Buyers’ Plan?
It lets first-time buyers withdraw up to $60,000 from their RRSP to buy a home, then repay it over time.
What happens if I over-contribute?
Amounts more than $2,000 over your limit are charged a penalty tax of 1% per month until removed.
Talk to an advisor
Meet Our Licensed Advisors
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Sina Kia
Founder & Licensed Advisor
Not Sure Where to Start?
Book a free, no-obligation consultation. We will listen, answer your questions, and explain your options in plain language.
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Tax rules and contribution limits change; figures reflect 2026 rules. We do not provide tax or legal advice, so please confirm your situation with your accountant. Any amount allocated to a segregated fund is invested at the risk of the contract holder and may increase or decrease in value. Investments are not guaranteed. This page is for general information and is not personalized advice. Disclosure