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Registered Retirement Savings Plan (RRSP)
Select Category: General Opening an Account Contributions Withdrawals Managing Your Investments Online
General
A Registered Retirement Savings Plan (RRSP) is a personal savings plan registered with the Canadian federal government allowing you to save for the future on a tax-sheltered basis. What makes an RRSP special is that your contributions to it are tax deductible and your portfolio grows tax sheltered, which means it can grow faster.
Any individual who has earned income and files an income tax return in Canada can contribute to an RRSP until December 31 of the year they turn 71.
An RBC RRSP can hold a variety of investments, including Guaranteed Investment Certificates (GICs), mutual funds, portfolio solutions and savings deposits. You can also invest in stocks and bonds through RBC Direct Investing™ and RBC Dominion Securities
Receipts for RRSP contributions made from March 2 to December 31 are mailed in late January; receipts for RRSP contributions made in the first 60 days of the year are mailed in mid-March. If you haven't received your tax slip or receipt within three weeks of the mailing date, please let us know by sending us a secure email through your Online Banking Message Centre, or by calling us at1-800-463-3863.
Opening an Account
You can open a new RRSP in two ways:
- Call us at1-800-463-3863. We'll be happy to discuss your goals for retirement and help you choose the type of investments that best suit your objectives.
- Visit your branch. We recommend booking an appointment ahead of time by calling us at1-800-769-2511.
- Individual RRSP: The most common type of RRSP is a plan registered in your name. The investments held in the plan and all the tax benefits belong to you.
- Spousal RRSP: When you contribute to a spousal RRSP, you still get the tax deduction but the plan is registered in your spouse's name. (Your spouse's contribution limit to his or her own plan is not affected.) It’s a great income-splitting option if one of you earns more than the other.
- Locked-in RRSP: If you leave your employer before you retire, you may be offered the option to manage your vested pension funds. A Locked-in RRSP—Locked-in Retirement Account (LIRA) in some provinces—enables you do this.
Group RRSP: Some employers offer a Group RRSP, a collection of individual RRSPs for the company’s employees. As an employee, your RRSP contributions are taken from your pre-tax pay through payroll deductions, reducing your tax burden immediately.
Interested in taking the lead on your retirement savings strategy? Check out RRSPs at RBC Direct Investing for a wide range of investments and innovative tools to help you build your portfolio.
The #1 reason to contribute to an RRSP is to have another source of retirement income. While contributing to your RRSP over your working years, you receive an immediate tax benefit as the contributions are tax deductible. Your retirement savings then grows tax-sheltered within the plan. When you retire, you’ll have an income to draw on to supplement your other sources of income.
Contributions
You can contribute to an existing RRSP online through RBC Online Banking or the RBC Mobile app(opens new window) if you have an RBC Royal Bank chequing or savings account:
- Sign in to Online Banking(opens new window): Choose your RRSP from the Accounts Summary page, click "Contributions" from the left menu and follow the on-screen instructions.
- Sign in to the RBC Mobile app(opens new window): Tap ‘Move Money’, select ‘Transfer Between my Accounts’, select your eligible RBC Royal Bank RRSP account and follow the on-screen instructions.
You can set up pre-authorized contributions (PACs) through the RBC Mobile app or RBC Online Banking.
To use the RBC Mobile app, sign in and follow the steps below:
- From the Accounts screen, tap your RRSP.
- Select “Set Up Pre-Authorized Contribution.”
- Follow the on-screen instructions to complete your transaction.
To use RBC Online Banking, sign in and follow the steps below:
- From the Accounts Summary page, click your RRSP.
- Select “Contribute” from the left menu of the RRSP Account Holdings page.
- Follow the on-screen instructions to complete your transaction.
Try the RRSP calculator to see the benefits of regular, ongoing contributions.
You can manage pre-authorized contributions (PACs) through the RBC Mobile app or RBC Online Banking.
To use the RBC Mobile app, sign in and follow the steps below:
- From the Accounts screen, tap your RRSP.
- Select “Set Up Pre-Authorized Contribution” or “View Pre-Authorized Contribution.”
- Follow the on-screen instructions to complete your transaction.
Note: You cannot pause PACs through the RBC Mobile app.
To use RBC Online Banking, sign in and follow the steps below:
- From the Accounts Summary page, select your RRSP and click “Manage Pre-Authorized Contributions” from the left menu.
- Select “Modify” to make changes and follow the on-screen instructions.
Try the RRSP calculator to see the benefits of regular, ongoing contributions.
When you’re ready to resume contributions, simply Sign in to RBC Online Banking to access your account and click “Manage Pre-Authorized Contributions” once again.
Changes to your contributions will take effect in two business days.
To request a duplicate of your RRSP contribution receipt, send us a secure email through the Online Banking Message Centre with the details, or call us at1-800-463-3863.
While you can contribute to an RRSP at any time, to be eligible for an RRSP deduction in a specific tax year, you must make contributions during that calendar year or up to 60 days into the following year.
There are contribution limits on RRSPs. To find out the exact amount you can contribute for the current year, check the most recent Notice of Assessment you received from the CRA.
As a guideline, your allowable RRSP contribution for the current year is the lower of:
- 18% of your earned income from the previous year
- The maximum annual contribution limit for the tax year
- The remaining limit after any company sponsored pension plan contributions
| Year | Contribution Limit Per Year |
|---|---|
| 2013 | $23,820 |
| 2014 | $24,270 |
| 2015 | $24,930 |
| 2016 | $25,370 |
| 2017 | $26,010 |
| 2018 | $26,230 |
| 2019 | $26,500 |
| 2020 | $27,230 |
| 2021 | $27,830 |
| 2022 | $29,210 |
| 2023 | $30,780 |
If you make an RRSP contribution beyond your maximum allowable amount for a year, it is considered an over-contribution. There is a lifetime allowance of $2,000 for over-contributions. Generally, you will have to pay a penalty tax of 1% per month on excess contributions that exceed your RRSP deduction limit by more than $2,000.
Withdrawals
In some cases, yes. The Home Buyers' Plan lets you borrow funds from your RRSP to purchase your first home.
- You can withdraw up to $60,000 from your RRSP.
- The funds must be on deposit at least 90 days before you withdraw them.
- At least 1/15 of the funds must be repaid each year, beginning two years after the funds are withdrawn. For withdrawals between January 1, 2022 and December 31, 2025, the repayment period begins as of the fifth year after the withdrawal was made.
- A signed agreement to buy or build a qualifying home is required.
- You can only participate in the program once.
For more information, speak to an RBC advisor:
- Call us at1-800-463-3863.
- Visit your branch. We recommend calling1-800-769-2511 to make an appointment.
In some cases, yes. The Lifelong Learning Plan lets you pay for training or education for yourself or your spouse (but not your children) with RRSP funds.
- You can withdraw up to $10,000 per calendar year to finance full-time training or post-secondary education.
- If you or your spouse meet disability requirements, then the training/education can be on a part-time basis.
- $20,000 is the most that can be withdrawn, with withdrawals over a maximum of four consecutive years.
- Amounts withdrawn are not subject to taxes upon withdrawal.
- At least 10% of the amount borrowed must be repaid each year, over a maximum period of 10 years.
For more information, speak to an RBC advisor:
- Call us at1-800-463-3863.
- Visit your branch. We recommend calling1-800-769-2511 to make an appointment.
Managing Your Investments Online
You can contribute to an existing RRSP online through RBC Online Banking or the RBC Mobile app(opens new window) if you have an RBC Royal Bank chequing or savings account:
- Sign in to Online Banking(opens new window): Choose your RRSP from the Accounts Summary page, click "Contributions" from the left menu and follow the on-screen instructions.
- Sign in to the RBC Mobile app(opens new window): Tap ‘Move Money’, select ‘Transfer Between my Accounts’, select your eligible RBC Royal Bank RRSP account and follow the on-screen instructions.
You can view your RRSP account information, balances, Investor Profile, transaction history and download documents through RBC Online Banking(opens new window) or the RBC Mobile app(opens new window).
You can manage pre-authorized contributions (PACs) through the RBC Mobile app or RBC Online Banking.
To use the RBC Mobile app, sign in and follow the steps below:
- From the Accounts screen, tap your RRSP.
- Select “Set Up Pre-Authorized Contribution” or “View Pre-Authorized Contribution.”
- Follow the on-screen instructions to complete your transaction.
Note: You cannot pause PACs through the RBC Mobile app.
To use RBC Online Banking, sign in and follow the steps below:
- From the Accounts Summary page, select your RRSP and click “Manage Pre-Authorized Contributions” from the left menu.
- Select “Modify” to make changes and follow the on-screen instructions.
Try the RRSP calculator to see the benefits of regular, ongoing contributions.
When you’re ready to resume contributions, simply Sign in to RBC Online Banking to access your account and click “Manage Pre-Authorized Contributions” once again.
Changes to your contributions will take effect in two business days.
You can switch investment product types within your RRSP through RBC Online Banking.
You can manage pre-authorized contributions (PACs) through the RBC Mobile app or RBC Online Banking.
To use the RBC Mobile app, sign in and follow the steps below:
- From the Accounts screen, tap your RRSP, TFSA or other investment account.
- Select “View Pre-Authorized Contribution.”
- Select “Edit” or “Delete.”
- Follow the on-screen instructions to complete your transaction.
Note: You cannot pause PACs through the RBC Mobile app.
To use RBC Online Banking, sign in and follow the steps below:
- From the Accounts Summary page, select your investment account and click “Manage Pre-Authorized Contributions” from the left menu.
- Select “Modify” to make changes and follow the on-screen instructions.
When you’re ready to resume contributions, simply Sign in to RBC Online Banking to access your account and click “Manage Pre-Authorized Contributions” once again.
Changes to your contributions will take effect in two business days.
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Funds will be available on the next business day followingthe date on which you have instructed us to redeem your GIC, or in the case ofRBC Income Builder GIC, following the date on which a payment is made from theGIC.
Other Notable Disclosures:
- Interest in a GIC will be calculated counting the firstbut not the last day of the term.
- There is no fee charged for a purchase of GIC. If youtransfer your GIC out to another financial institution, there will be a transfer outfee of $150 charged (applies to both registered or non-registered GICs – transferout fee for non-registered GICs came into effect August 1, 2022)
- You may provide us with instructions as to what to dowith your GIC proceeds upon maturity. If your GIC is automatically renewed, you maycancel it upon renewal within 10 business days from the issuance (renewal) date, andif you do, your principal will be returned, but no interest will apply from theissuance to the cancellation date.
- The GIC Client Agreement can be found at https://www.rbcroyalbank.com/dms/investments/clientacknowledgementforms.html.This GIC Client Agreement may be changed at any time, on notice to GIC holders.
- For more information and disclosures regarding RBCEquity Linked GICs, see: RBCEquity-Linked GICs page.
Mutual Funds are sold by Royal Mutual Funds Inc. (RMFI). There may becommissions, trailing commissions, management fees and expenses associated with mutualfund investments. Please read the Fund Facts/prospectus before investing. Mutual fundsecurities are not insured by the Canada Deposit Insurance Corporation. For funds otherthan money market funds, unit values change frequently. For money market funds, therecan be no assurances that a fund will be able to maintain its net asset value persecurity at a constant amount or that the full amount of your investment in a fund willbe returned to you. Past performance may not be repeated. RMFI is licensed as afinancial services firm in the province of Quebec.
Financial planning services and investment advice are provided byRoyal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank ofCanada, Royal Trust Corporation of Canada and The Royal Trust Company are separatecorporate entities which are affiliated. RMFI is licensed as a financial services firmin the province of Quebec.
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