Registered Retirement Savings Plan (RRSP)
A Registered Retirement Savings Plan, or RRSP, helps Canadians save for retirement while potentially reducing taxable income today. Contributions may be deductible, and growth is tax-deferred until withdrawal.
For 2026, the CRA lists the RRSP dollar limit as $33,810, and the exact personal RRSP deduction limit depends on the individual’s income, unused room, and pension adjustments. [canada.ca]
Best For
Individuals in higher tax brackets
Employees without strong pensions
Business owners
Self-employed clients
Couples planning retirement income splitting
Clients saving for retirement or first-home planning
Additional Plan Details
Common Uses
• Retirement savings
• Tax deduction planning
• Spousal RRSP planning
• First-time home purchase planning
• Long-term compounding
• Retirement income planning
Quick Questions Clients Should Ask
• How much RRSP room do I have?
• Am I in a high enough tax bracket to benefit?
• Should I contribute to an RRSP or a TFSA first?
• Should I use a spousal RRSP?
• How will withdrawals be taxed in retirement?
• What happens when I turn 71?
Common Mistakes
• Contributing without checking available room
• Using RRSPs when a TFSA may be better
• Forgetting about pension adjustments
• Withdrawing early without understanding taxes
• Not planning RRIF conversion
• Focusing only on the refund instead of long-term strategy
Protect Your Business. Plan for the Future.
Book a retirement savings review to see how RRSP contributions may fit with your income, taxes, retirement goals, and overall investment plan.