Registered Retirement Savings Plan
Focus on your future, today
No, you do not have to wait until retirement in order to withdraw from your RRSP. You can make a regular withdrawal, the Home Buyers’ Plan, or the Lifelong Learning Plan.
RRSP
Key Features
Automate your saving strategy
Easily set up repeating contributions.
Tax efficiency
Lower your taxable income and gain the benefits from tax deferred growth.
Investment options
GICs, Index-linked term deposits and mutual funds available.
Access funds early
Take advantage of government programs to help buy your home or upgrade education.
Mutual Funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured or guaranteed and are not covered by the Canada Deposit Insurance Corporation of by any other government deposit insurer that insures deposits in credit unions. Their values change frequently and past performance may not be repeated.
Frequently Asked Questions
Do I have to wait until retirement in order to withdraw from my RRSP?
Can I transfer money from my RRSP into my Tax-Free Savings Account?
No, you cannot transfer funds from your RRSP into your Tax-Free Savings Account because the RRSP is a tax-deferred account and the TFSA is a tax-free account.
Will I incur a penalty if I withdraw from my RRSP before retirement?
If it is a normal withdrawal, then you will be subject to income tax for the withdrawal you make.
Do I have to close and withdraw the full amount from my RRSP when I turn 65?
You have to close your RRSP account in the calendar year you turn 71. It can be converted into a RRIF or converted to annuity or redeemed in full.
Our Specialists are here to help!
Don't think this Account is for you? Take a look at our other options.
Mutual Funds
RRIFs
TFSAs
Borrowing
Investing
