Take the next step to save towardyour retirement goals
RRSP numbers you need to know
CA$32,490
Annual RRSP contribution limit for 2025
18%
Percentage of previous year's income you can contribute
60 days
Days to make contributions after the calendar year ends
18-71
Open an account at age 18 and convert to an RRIF by age 71
| Contribution limit | 18% of previous year's income, up to CA$32,490 | CA$7,000 for 2025 |
| Contribution deadline | 60 days after December 31 | December 31 but can carry forward |
| Tax- deductible | ||
| Withdrawals | Taxed as income (with exceptions) | Tax-free |
| Spousal plan |
Build your future together
with a Spousal RRSP
with a Spousal RRSP
Quinn
CAD$95K a year
Sage
CAD$50K a year
Contribution limit
Withdrawls
*For illustrative purposes only.
Spousal RRSP vs. RRSP
Account Holder
The spousal RRSP is owned by the lower-income spouse or partner.
Contributor
The higher-income spouse or partner makes tax-deductible contributions to the account.
Contribution Limit
Your RRSP limit applies to both personal and spousal RRSPs, but does not affect your spouse's limit.
Withdrawals
The account holder/annuitant is is authorized to make withdrawals.
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How do I open an RRSP?
Follow these easy steps to invest!
Step 1:Open Account
Step 2:Deposit
Step 3:Invest
Submit your application
Fill out your personal and financial information
Fill out your personal and financial information
RRSP frequently asked questions
What is an RRSP?
An RRSP, or Registered Retirement Savings Plan, is a Canadian tax-advantaged retirement savings account. Contributions are tax-deductible, reducing taxable income, and investments grow tax-free until withdrawal at retirement, when they are taxed as income. RRSPs are a great way to start your retirement planning in Canada. Read out comprehensive guide: What is an RRSP?
What is my RRSP deduction limit?
The RRSP deduction limit is the maximum amount you can contribute to your RRSP each year in Canada. It is the lesser of 18% of your previous year's earned income or a fixed annual limit set by the government, which is CA$32,490 for 2025. Unused contribution room can be carried forward. For more information, read: RRSP Contribution Limit 2025
What are the benefits of an RRSP?
Tax-Deductible Contributions: Reduce your taxable income in the year of contribution.
Tax-Free Growth: Investments grow without tax until withdrawal.
Tax-Efficient Withdrawals: Withdrawals are taxed as income, typically at a lower rate in retirement.
For more RRSP benefits, please read our guide: 14 RRSP Benefits You Need to Know
Tax-Free Growth: Investments grow without tax until withdrawal.
Tax-Efficient Withdrawals: Withdrawals are taxed as income, typically at a lower rate in retirement.
For more RRSP benefits, please read our guide: 14 RRSP Benefits You Need to Know
Is an RRSP tax deductible?
Yes, RRSP contributions are tax-deductible, reducing your taxable income and potentially lowering your tax bill for the year you contribute.
How to withdraw from my RRSP without paying tax?
Withdrawing from an RRSP without paying tax is generally not possible, as withdrawals are typically considered taxable income. However, there are specific exceptions:
1. Home Buyers' Plan (HBP): You can withdraw up to CA$35,000 tax-free to buy or build your first home, but you must repay it over 15 years.
2. Lifelong Learning Plan (LLP): You can withdraw up to CA$10,000 per year (up to CA$20,000 total) for education or training for you or your spouse, with a repayment period of 10 years.
1. Home Buyers' Plan (HBP): You can withdraw up to CA$35,000 tax-free to buy or build your first home, but you must repay it over 15 years.
2. Lifelong Learning Plan (LLP): You can withdraw up to CA$10,000 per year (up to CA$20,000 total) for education or training for you or your spouse, with a repayment period of 10 years.
What is a Spousal RRSP?
A Spousal RRSP allows one spouse to contribute to an RRSP in the other spouse's name, giving the contributor a tax deduction. This approach helps with income splitting in retirement, potentially lowering the couple's overall tax burden by balancing retirement income between the spouses. To know more about Spousal RRSP, read: What Is a Spousal RRSP and How Does It Work?
Can I transfer my RRSP to moomoo?
Yes, you can transfer your RRSP to moomoo with ease. Moreover, you will get amazing rewords by transferring your eligible assets to moomoo! For more information about RRSP transfer, please see: Transfer for Smart Investing and Get Cash Rewards!
