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 contribution maximum for 2020 is $27,230, for 2021 it is $27,830 and for 2022 it is $29,210.
  • The 2020 contribution deadline is Monday, March 1, 2021. 

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, www.fsrao.ca.

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