What is an RRSP?
An RRSP is a registered savings plan that lets you save for retirement. You save tax on your contributions, and you don't pay tax on your investment earnings until you withdraw them. You can also withdraw money from your RRSP tax-free to buy a home or go back to school.
RRSP benefits
Plan for retirement
Your personal savings may be your biggest source of retirement income. You can plan for retirement with an RRSP and enjoy tax-sheltered returns until you withdraw these funds.
Pay less tax
You get various tax benefits of an RRSP. by contributing to an RRSP—you reduce your taxable income, so you pay less tax. As a result, you could also get a tax refund and even increase your government benefits.
Buy your first home
The Home Buyers' Plan (HBP) makes buying your first home easier. It allows you to withdraw up to $60,000 from your RRSP tax-free.
Go back to school
You can withdraw up to $20,000 tax-free from your RRSP to go back to school with the Lifelong Learning Plan (LLP). You can also do this for your spouse's or common-law partner's education.
Good to know
If you're already contributing to your RRSP, you can transfer some of this money to a first home savings account (FHSA) tax-free if you don't exceed your FHSA contribution room. If you qualify, you'll reap the benefits of this new plan to buy a home.
However, you won't get RRSP contribution room back for this transferred amount or receive another tax deduction.
RRSP contribution deadline
The deadline to contribute to your RRSP for the 2024 tax year is March 3, 2025. If you make contributions after this date, you'll have to include them on your 2025 tax return.
RRSP contribution limit
See your latest notice of assessment on the My Account External link. portal on the Canada Revenue Agency (CRA) website for your contribution room. This is the maximum amount you can contribute without penalty to your RRSP for the current year.
What's usually included in your RRSP contribution room
- Unused contribution room since 1991
- Your annual contribution limit (18% of the previous year's earned income up to a maximum of $31,506 for 2024)
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If you don't reach your limit, your unused contribution room carries forward to the following year.
RRSP age limit
You can contribute to your RRSP until the end of the year you turn 71. That same year, you must withdraw the money from your RRSP, or convert it to a registered retirement income fund (RRIF) or an annuity.
Qualified investments for an RRSP
Find out which investments you can hold in your RRSP.
Desjardins Funds
Invest in innovative and competitive fund portfolios tailored to your profile.
RRSP – Savings Account
Watch your money grow with no minimums and no fees.
Guaranteed fixed-rate investments (term savings)
Enjoy a known return on your investment from day one. Both your capital and interest are guaranteed.
Market-linked guaranteed investments
Harness the growth potential of stocks without risking your capital.
Guaranteed Investment Funds Helios2 Contract
Earn interest while protecting your estate and your savings.
Interested in self-directed investing?
Whatever your level of investment knowledge, we offer everything you need to make informed decisions and invest on your own with confidence:
- No-fee online transactions for stocks and exchange-traded funds (ETFs)
- State-of-the-art trading platforms
- Comprehensive training
- Powerful analysis tools
FAQ
Yes, you can make a tax-free withdrawal from your RRSP if you meet the criteria to buy your home using the HBP or FHSA, or to go back to school with the LLP.
If you withdraw money from your RRSP for another reason, you pay tax on it and lose contribution room. These withdrawals can also reduce income-based government benefits and credits.
Your maximum contribution amount is in the RRSP deduction limit statement section on your notice of assessment from the Canada Revenue Agency (CRA). If you don't have this notice on hand, you can find this information on the My Account External link. portal on the CRA website.
In order to do this, you must open a spousal or common-law RRSP in their name with you as the contributor. These contributions are deducted from your taxable income, even though it isn’t your RRSP. Contact your advisor to determine the best tax strategy for you.
You can borrow money to contribute to your RRSP with our different RRSP loans. Contact your advisor to discuss your loan plan.
When the time comes, you can make a withdrawal from your RRSP, which is then added to your taxable income. It's a good idea to have an RRSP withdrawal plan that takes the following examples into account:
- Your personal circumstances at the time of withdrawal
- Your tax rate
- Social programs you're enrolled in
The funds must be taken out of your RRSP by December 31 of the year you turn 71. Contact your advisor to find out your options and come up with the best withdrawal plan for you.
If you're not sure whether you should contribute to your RRSP or pay off your mortgage more quickly, consider the following factors:
- Your age
- Your plans
- The interest rate on your mortgage
- The returns on your RRSP
- Your marginal tax rate at the time of contribution and withdrawal
Contact your advisor to determine the best option for your needs and budget.
Contribute to your RRSP
By phone
Montreal area:
514-224-7737 Phone number of customer service for the Montreal area. This link opens your phone app. (514-CAISSES)
Elsewhere in Canada:
1-800-224-7737 Phone number of customer service for Canada. This link opens your phone app. (1-800-CAISSES)
We can also call you when it's convenient.
How to contribute to the RRSP
1. Open the RRSP online
Log in to AccèsD to open your RRSP and start contributing.
Not a Desjardins member or prefer some help with your investment plan?
Montreal area: 514-224-7737 This link opens your phone app. (514-CAISSES)
Elsewhere in Canada: 1-800-224-7737 This link opens your phone app. (1-800-CAISSES)
2. Choose your investments
Choose the right investments for you according to your savings goals and investor profile.
3. Start contributing
Contribute to your RRSP now or set up automatic transfers to take the work out of saving.