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Get Started With As Little As $25 A Month.

Paying yourself first by putting money aside regularly is a proven way to save for the future. An easy way to do this is to start an RBC pre-authorized contribution plan. You set it up once—and your savings keeps growing over time.


Here’s how a pre-authorized contribution plan (TFSA-Matic® or RSP-Matic®) works:

  • You decide how much and how often to save—you can start with as little as $25 a month
  • You can make contributions weekly, biweekly, semi-monthly, monthly, quarterly, semi-annually or annually
  • We do the work for you: your contributions are automatically debited from your banking account at RBC or another financial institution
  • You can change your contribution amount and frequency at any time

TIP: Set your pre-authorized contribution to coincide with every paycheque. Chances are you won’t even miss the money you set aside!



You are on: Calculate Your Savings

Calculate How Quickly Your Savings Can Grow

Try one of our quick calculators to see what you could be saving:

TFSA calculator (opens new window)

See what you can earn in a TFSA vs. a taxable account. Also see your potential, total tax savings.

RRSP calculator (opens new window)

See how regular contributions to an RRSP can add up over the long term.

You are on: Save in a TFSA

Grow Your Savings Faster with a Tax-Free Savings Account

In a TFSA, your savings and investments grow faster, because your money is growing tax-free. By making regular, automatic contributions to a TFSA, it could be even easier for you to save more throughout the year.

TFSA vs. a Taxable Account

The chart below shows how $5,000 contributed annually, earning 6% interest per year can grow within a TFSA vs. outside a TFSA.(1)

TFSA vs Taxable Account Graph

Chart is for illustrative purposes only.

Why Save with a TFSA?

A TFSA helps you save for your future faster because whatever your savings earn (interest or dividends) will not be taxed. And your withdrawals are tax–free as well!

A TFSA is a flexible and simple way to invest:

  • Get started with as little as $100
  • Get your money anytime*
  • Use it to start investing in Guaranteed Investment Certificates (GICs) or mutual funds

You are on: Save in an RRSP

Save for Retirement with an RRSP

An RRSP is one of the best ways to save towards retirement—and making regular, automatic contributions to your RRSP is a great way to build your retirement savings. That's because you'll save more money in the long-run than if you make a lump-sum annual contribution once per year.

Calculate what you could save.

Try the RSP-Matic (opens new window)® Calculator to see how much you could save by contributing on a monthly basis.

Why Save with an RRSP?

In an RRSP your money is tax-sheltered, so it can grow faster. It could also save you money at tax time because any money you put into your RRSP can be deducted from your income. This means you could pay less taxes—or even get a refund.

An RRSP is a simple way to save for your nest egg:

  • Get started with as little as $100
  • Reduce your taxable income each year with your contributions
  • Save on a tax-deferred basis—your savings are not taxed until you withdraw them at retirement
  • Use it to start investing in Guaranteed Investment Certificates (GICs) or mutual funds

Your Contribution = Immediate Benefits

The chart below shows the immediate tax benefit of making an RRSP contribution for an individual with $30,000 in taxable income, taxed at a typical combined federal and provincial tax rate.

  $0 RRSP Contribution $2,000 RRSP Contribution
Taxable Income $30,000 $28,000
Combined Federal and Provincial Tax $4,550 $4,100
Deferred Tax $0 $450

Chart is for illustrative purposes only.

Tell me more about RRSPs


Start Now and Watch Your Savings Grow.

For less than the price of a cup of coffee a day, you can start saving in a TFSA or RRSP. Visit or call us today to set up your pre-authorized contribution plan. It’s that easy.

Book an appointment at your local branch (opens new window)

Call 1-800-463-3863
      Find a Mobile Financial Planner (opens new window)

1) Assumes tax rate of 32% outside TFSA, with interest income taxed annually. All contributions made at beginning of year. Annual compound rate of return of 6%. For illustration only and not indicative of future returns. Actual tax rates and rates of return will vary.

*Depends on the terms of your investments

The material is intended as a general source of information only, and should not be construed as offering specific tax, legal, financial, investment or other advice. Royal Bank of Canada and its affiliates can only provide recommendations in connection with their own products and services, and such recommendations are based on the completeness and accuracy of the information provided to us. Individuals are responsible for making their own product and service decisions, and should consult with their professional tax advisor, accountant, legal professional or other professional before taking any action based upon the information contained in this document.

Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.


Start Saving Today!

Contact us to start your pre-authorized contribution plan


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