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Invest Now for the Retirement You Want

Want to invest and save for your future retirement in a tax-smart way? You can do it all with a self-directed Registered Retirement Savings Plan (RRSP).

What is an RRSP?

An RRSP is a registered savings plan that can help you save for retirement and enjoy tax benefits, both now and in the future. RRSP contributions can be used to reduce your income tax in the current year, and any growth and income on your investments in the plan (such as dividends and capital gains) is tax-deferred until withdrawn.

The Benefits of Opening an RRSP

  • Save for retirement and reduce your tax bill today
  • Grow your investments on a tax-deferred basis until you need them for retirement
  • Access a wide range of investments that match your investment objectives, risk tolerance and timeline

Types of Self-Directed Retirement Savings Plans

However you plan to invest for retirement, at RBC Direct Investing we have an account type for you

  • Individual and Group RRSPs
  • Spousal RRSPs
  • Locked-in Retirement Account (LIRA)
  • Restricted Locked-In Savings Plan (RLSP)

At RBC Direct Investing, You Can Also…

Hold and Settle in U.S. Dollars

Hold and settle trades in U.S. and Canadian dollars and save on foreign exchange fees.

Access Exclusive Tools

Use powerful tools and the latest research to confidently make investment decisions.

Conveniently Trade with Points

Use your Avion points to pay for trade commissions or turn them into cash contributions.

Frequently Asked Questions

There are contribution limits on RRSPs. To find out the exact amount you can contribute for the current year, check your most recent Notice of Assessment from the Canada Revenue Agency.

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 current tax year, minus your pension adjustment from company-sponsored pension plan contributions. Your unused contribution from previous years can also be carried forward.
Learn more about RRSP Rules, RRSP Deadlines and Contribution Limits

A beneficiary named on your RRSP does not have to wait until after your bills are paid or assets distributed to receive the moneyDisclaimer 1. What’s more, naming your spouse/common-law partner or a dependent child as a beneficiary will allow your executor some flexibility in determining who pays the tax bill on your death – your estate, your beneficiary or a combination of both (for income-splitting purposes). Speak to your tax advisor and a lawyer familiar with estate planning laws in your province for more information.

If you are a Quebec resident, you cannot name a beneficiary directly on any registered account but you can set this up in your will.

You can choose to hold everything from stocks, exchange traded funds (ETFs), options and mutual funds to fixed-income investments like bonds and GICs, and more, as long as they are qualified investments.

Find out more about the investments you can hold in your RRSP in the Investing Academy, part of the Inspired Investor online magazine.

Yes—you can use it to buy a home or go back to school with the Home Buyers’ Plan and the Lifelong Learning Plan. These let you borrow from your RRSP and pay it back over time without any penalty.

RRSPs Explained: A Primer for Investors

Your crash course on RRSPs and how they can help you invest for retirement.

Start Investing Today

Complete your application online in just minutes and your account can be opened within 24 hours2.