Program · Federal
Registered Retirement Savings Plan (RRSP)
Tax-deductible contributions, tax-deferred growth, fully taxable withdrawals. Must convert to RRIF by end of year you turn 71.
Eligibility
- Canadian resident with earned income
- Under 72 at year-end (for contributions)
- Must have available RRSP room (18% of prior-year earned income, up to annual dollar limit)
Limits and rules
- 2026 dollar limit: $32,490 (verify before relying)
- Room accumulates from first year of earned income and carries forward indefinitely
- Over-contributions beyond $2,000 buffer trigger 1% per month penalty