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Registered Retirement Savings Plan

A Registered Retirement Savings Plan (RRSP) 1 is a retirement plan that is registered with the federal government and that you or your spouse or common-law partner can establish and contribute into until the end of the year when the plan holder turns 71.

Deductible RRSP contributions can be used to reduce your tax. Any income you earn in the RRSP is 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.

Primary investment options for an RRSP account:

  • Mutual Funds
  • Segregated Funds
  • GICs & Term Deposits


Other qualified RRSP investment options

If you have questions about investment choices for an RRSP account - that is not listed above - contact our office for more information.

Spousal RRSPs

With a spousal RRSP, you can direct part or all of your maximum allowable contribution to an RRSP in your spouse's name. A spousal RRSP will help you save tax during retirement through income splitting, since the income eventually created from the funds will then be taxed at your spouse's lower tax rate.

Withdrawal Options

  • RRIF (Registered Retirement Income Fund)
  • Home Buyers Plan
  • Lifelong Learning Plan

You can withdraw from RRSPs to buy or build a home for yourself or for someone who is related to you and is disabled. (Home Buyers' Plan). Please note that restrictions apply.

You can withdraw from RRSPs to finance training or education for you or your spouse or common-law partner. (Lifelong Learning Plan)

Contact our office if you are looking for information about Registered Retirement Savings Plans.

1CRA, Government of Canada

This publication and website are intended for Ontario residents only and the information contained is subject to change without notice. Mutual Funds are offered and regulated through Global Maxfin Investments Inc. (GMII). Insurance products (including Segregated Funds) and Income Tax Preparation is provided under the name of Ausim Mobeen. GMII does not supervise these activities and will not be accountable, responsible or liable for such activities. This publication contains opinions of the writer and may not reflect opinions of GMII. The information contained herein was obtained from sources believed to reliable, but no representation, or warranty, express or implied, is made by the writer or GMII or any other person as to its accuracy, completeness or correctness. This publication is not an offer to sell or a solicitation of an offer to buy any of the securities. The securities discussed in this publication may not be eligible for sale in some jurisdictions. If you are not a Canadian resident, this report should not have been delivered to you. This publication is not meant to provide legal or account advice. As each situation is different you should consult your own professional advisors for advice based on your specific circumstances.