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Registered Retirement Savings Plan

Make the most of your Retirement 



It's never too early to start saving for your retirement.  An RRSP (Registered Retirement Savings Plan) is a tax-advantaged savings plan, that can help you grow your retirement income.

RRSP contributions are tax deductible, meaning you deduct your contribution from the income you report on your income tax return. Your RRSP contribution limit for 2023 is 18% of earned income you reported on your tax return in the previous year, up to a maximum of $30,780.

You pay tax on your RRSP withdrawals because you made contributions with pre-tax dollars. RRSP growth is tax-sheltered until withdrawal. While RRSPs are meant to save for retirement, you may also have the option of using the funds in the plan to purchase your first home or pay for your education.

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. 

RRSP Benefits include: 

  • contributions are tax deductible
  • savings grow tax free (tax is deferred until withdrawn) 
  • you can convert your RRSP to get regular payments when you retire
  • you can borrow from your RRSP to buy your first home or pay for your education (conditions apply)

The contribution dollar limit for 2023 is $30,780. RRSP contributions made during the first 60 days of 2024 may be claimed as a deduction from income for the 2023 taxation year. 

The deadline for 2023 contributions is February 29, 2024

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Making the maximum contribution to your RRSP or TFSA each year is one of the best ways to build a secure retirement. But there are times when it's hard to find all the money. 

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Alicia Sentes

Investment Specialist
P: 306.746.2160 ext. 232
C: 306.706.7085