What is an RSP?
An RSP (Retirement Savings Plan) is a registered investment account, designed to help you save for retirement.
Contributions and investment growth are both tax-deferred, meaning you can reduce your taxable income now, grow your savings, and only pay tax when you withdraw at retirement.
More than just a retirement fund. Using your RSP.
Retirement
Build a nest egg for a comfortable retirement.
Buy your first home
Withdraw up to $60k for a first home down payment.
Learn more about the Home Buyers’ Plan.
Return to school
Finance full-time training or education with up to $20k.
Learn more about the Lifelong Learning Plan.
RSP by the numbers
2025 annual limit. Any unused room can be carried forward
Maximum amount you can withdraw for a first home down payment.
Percentage of last year's income you can contribute, if lower than the annual limit.
Is our RSP Savings Account right for you?
It’s right for you if:
- You’re looking to save for retirement.
- You’ve reached the age of majority in the province in which you reside.
- You plan on contributing to your RSP to reduce your taxable income, while your investments grow on a tax-deferred basis.
- You understand the maximum you can contribute each year as set by the Canadian government, which depends on your income.
- You’re looking for an account that’s eligible for CDIC protection.†
- You're looking for a completely digital banking experience.
It’s not right for you if:
- You don’t have available contribution room.
- You expect to access these funds for emergencies or more immediate savings goals.
- You’re turning 71 this year, as you can only hold and contribute to an RSP until the year you turn 71.
- You’re a Quebec resident.
How do RSPs compare to TFSAs?
| Account Details | RSP | TFSA |
|---|---|---|
If you're saving for... | Retirement | Vacation, emergency fund, etc. |
2025 tax year contribution deadline | March 1, 2026 | December 31, 2025 |
2025 tax year contribution limit | Get limit info | $7,0001 |
Are contributions tax-deductible? | Yes | No |
Are withdrawals taxed? | Yes | No |
| Open an RSP | Explore TFSA |
