RRSPs can be for an individual only or placed in the name of a spouse. Depending on the time you want to spend managing your RRSP and the complexity of investment options you are comfortable with, we can offer you a regular or self-directed plan.

Individual RRSP

The most common type of RRSP is a plan that is registered in the name of the person contributing to it. The investments held in the plan and the tax benefits derived from it are the contributor's.

Spousal RRSP

In a spousal RRSP, the plan is registered in the name of the spouse of the person contributing to the plan. The spouse owns the investments held in the plan. The tax deduction flows to the contributor.

The key reason for setting up a spousal RRSP is to facilitate income splitting. Income splitting is the transferring of money to a lower-income-earning spouse, so that in the future, income is taxed at a lower tax rate.

Regular plan

The simplest and easiest way to set up an RRSP for yourself or your spouse is to start by talking to one of our investment representatives.

RBC Royal Bank offers RRSP accounts that include a wide choice of investments that can all be part of your investment strategy, including RBC savings deposits, RBC GICs and RBC Funds. With guidance from one of our investment representatives on these options, you can be on your way to a solid retirement plan quickly and easily.

Self-directed RRSP

These days, more and more investors are looking for a retirement savings plan that lets them choose from a wide range of investment options and gives them the ability to oversee the investments held within their plan.

If you are the type of investor that enjoys managing all or a portion of your own portfolio, a self-managed RRSP may be the answer. With such a plan, you can tailor your investments to meet your financial needs and manage your account(s) when it's most convenient for you, any day, any time.

With an RBC Direct Investing^TM RRSP, you can choose from a wide range of investment choices including: Canada Savings Bonds (CSBs), federal, provincial and municipal bonds, GICs, over 3,000 mutual funds, stocks, treasury bills and more.

It is easy to open an RBC Direct Investing RSP online and start investing sooner. Simply visit RBC Direct Investing's Account Opening Centre.

Group RRSP

A Group RRSP is a collection of individual RRSPs offered to employees by their sponsoring employer. Contributions are taken from the employee's pre-tax pay through payroll deductions, reducing their tax burden immediately. Contributions are then deposited into their RRSP as specified.

By contributing a small percentage of your income on a regular basis, you will build a nest egg that will help provide the security and retirement income you'll need to achieve financial independence after retirement.

Visit RBC Investments for more information on how your company can benefit from a Group RRSP, or from our other Group Savings Plans.

Next:  Uses of RRSPs