Registered Retirement Savings Plan (RRSP)
Save for the retirement you want. Connect with us to open an RRSP.
An RRSP is a registered account that helps you retire on your terms. Your investments grow on a tax-deferred basis, helping you build your nest egg so you can enjoy the next chapter of your life.
Benefits of an RRSP
Lower your annual tax bill
Tax-sheltered growth
Unlimited carry-over
More than just a retirement savings plan
Your first home
Tuition
Finance full-time training or education for you, your spouse or common-law partner with up to $20,000 in total through the Government of Canada’s Lifelong Learning Plan.
Planning for your kid’s education? Learn about the Registered Education Savings Plan (RESP)To open a RRSP, you need to:
- Be a Canadian resident
- Have a social insurance number
- Be currently working or have earned income in Canada and filed a tax return
- Be under the age of 71
You can boost your savings in an RRSP with income-generating investment products. The types of products you choose depend on your risk tolerance, timeline and goals.
Explore our investment products
Mutual funds
A straightforward way to invest in professionally managed funds that provide diversification and growth potential.
Segregated funds
Your money is invested across professionally managed investments while a portion of your principal is kept safe.
Annual deadline
If you want to reduce your tax bill for the previous year, the deadline to contribute is 60 days after December 31.
2025 contribution limit
For the 2025 tax year, Canadians can contribute up to 18% of their income, up to $32,490. But you may be able to contribute even more. That’s because any unused contribution room is carried forward from year to year. The best way to know how much you can contribute for the current year is to check your Notice of Assessment from the Canada Revenue Agency (CRA). Your notice is available in your online CRA account once your return is processed.
Penalties for over contributing
The CRA may charge you 1% per month on excess contributions that go over your RRSP deduction limit by more than $2,000.
Last day to contribute
The last day you can contribute is December 31 of the year you turn 71.
Contributing to your spouse’s or common-law partner’s RRSP
You can make use of your spouse’s or common-law partner’s RRSP contribution room by investing in their name. This allows couples with a large income gap to lighten the tax load on the higher-income earner.
Withdrawing your funds when you retire
After you punch the clock for the last time, you have three options to withdraw your funds:
- Withdraw them in a single lump sum. This may result in the largest tax bill, as the entire withdrawal will count towards your taxable income.
- Transfer them to a Registered Retirement Income Fund (RRIF), which functions much like an RRSP. Learn about RRIFs
- Use the funds to purchase an annuity – a great option if you’re concerned about outliving your money. Learn about annuities
Withdrawing your funds early
Early withdrawals from your RRSP will increase your tax bill and be subject to a withholding tax rate. The only exception is if you’re borrowing from your RRSP to purchase your first home or continue your education.
Find out more about these common registered accounts.
As a business owner, you likely have more things to consider as you’re approaching retirement. Get tips to help you transition into your golden years.
Get retirement tips for entrepreneurs
Find out how much you need to save for retirement.
Use calculatorReady to grow your wealth?
Connect with us to start investing.
Not all products are available in all provinces.
In the province of Quebec, the authorized representatives are Financial Security Advisors who have been duly certified by the Autorité des marchés financiers.
Mutual funds are offered through Co-operators Financial Investment Services Inc. to Canadian residents except those in Quebec and the territories. Segregated funds and annuities are underwritten and administered by Co-operators Life Insurance Company.
Co-operators Life Insurance Company and Co-operators Financial Investment Services Inc. are committed to protecting the privacy, confidentiality, accuracy and security of the personal information that we collect, use, retain and disclose in the course of conducting our business. Please visit our privacy policy for more information.
Co-operators® is a registered trademark of The Co-operators Group Limited.