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Every individual who works, files a Canadian income tax return, and looks forward to secure retirement should consider having an RRSP.

Here's why:

  • People who earn income through their employment or self-employment, can reduce their annual tax bill while saving for their future through an RRSP.
  • For people who have a company pension plan, RRSPs add extra comfort that their retirement needs are met; for those that don't have company pension plans, RRSPs may be the foundation for funding their retirement.
  • Married couples where one spouse earns more income than the other can reduce their combined tax burden through a spousal RRSP. At retirement, an income-splitting strategy can be applied to reduce overall tax when the funds are withdrawn.
  • If you are planning on purchasing your first home or are interested in continuing your education, you can contribute to your RRSP, then use these funds as a source of financing.
  • If you anticipate fluctuations in your income because of maternity leave, career change or employment interruptions, the funds in an RRSP are always available to you.