Registered Retirement Savings Plan (RRSP)

A Registered Retirement Savings Plan (RRSP) is designed to help you save for retirement.

RRSP contributions are tax deductible, meaning you deduct your contribution from the income you report on your income tax return.  You pay tax on your RRSP withdrawals because you made contributions with pre-tax dollars.  RRSP growth is tax-sheltered until withdrawal. 

Once you turn 71, you cannot make any more contributions to your RRSP, instead you will roll it into a RRIF (Registered Retirement Income Fund) and begin receiving income from the plan. 

Taking out a loan to start, top up or maximize your RRSP contributions is not just convenient, it's smart. An RRSP loan is a ‘good debt' that not only gives you a break on income taxes, it also increases your wealth and bolsters your long-term financial growth. It's also really effective in helping you stick to your savings goals. We offer two different types of RRSP Loans.