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RRSPs - Registered Retirement Savings Plans

A Registered Retirement Savings Plan is a government approved plan through which you save money for your retirement years. Your contributions, within limits, are tax deductible, and the income earned is tax sheltered.

  • available in variable or fixed rate plans
  • all deposits made to RRSP plans are fully insured through the Financial Services Regulatory Authority (FSRA) with no limit on the maximum amount
  • The RRSP contribution limit  for the 2021 taxation year is $27,830 and for the 2022 taxation year is $29,210.
  • The deadline for 2021 contributions is Tuesday, March 1, 2022

Variable Rate RRSP

  • this plan may be used for Pre-authorized Contribution Plan (PAC) automated/periodic deposits to your RRSP
  • flexible investment (plan can be cashed in full or partial withdrawals available)
  • interest rates adjusted frequently to be competitive
  • interest accrues daily and it is compounded semi-annually, June 30th & December 31st

Non-Redeemable RRSP

  • a Guaranteed Investment Certificate (GIC) with fixed rates for one to five year periods (special periods offered from time to time)
  • interest is compounded annually

Services Charges associated with registered products

The Financial Services Regulatory Authority (FSRA) automatically insures all eligible Canadian deposits in each registered savings plan. Learn more at www.fsrao.ca.


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