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We Make it Easy to Start Saving with an RRSP.

A Registered Retirement Savings Plan (RRSP) is one of the best ways to save for retirement—or even a down payment on your first home. In an RRSP your money is tax-sheltered, so it can grow faster. An RRSP also reduces your taxes because the money you put into it can be deducted from your taxable income.

Key Features and Benefits of an RBC® RRSP

At RBC Royal Bank®, we make it easy to save for the future through an RRSP:

  • Tailored Advice. An RBC advisor can recommend a strategy to help ensure your investments align to your goals.
  • Easy Savings Plan. We make saving simple—through the RBC RSP-Matic® you can set up regular, automatic contributions, which could help you save more money faster.
  • Flexible Investment Options. Choose from RBC Funds, Guaranteed Investment Certificates (GICs) and RBC Savings Deposits.
  • No Extra Fees. We do not charge annual fees or withdrawal fees.

Quick Facts about RRSPs

  • You can contribute to an RRSP if you earn income, are under age 72 and are a Canadian citizen.
  • RRSP contributions reduce your taxable income and your savings are not taxed until you withdraw them at retirement, when you will most likely be in a lower tax bracket.
  • You can borrow up to $25,000 from your RRSP to make a down payment on your first home through the federal government's Home Buyer's Plan.
  • You can borrow up to $20,000 from your RRSP to pay for training or education through the Lifelong Learning Plan.
  • Learn More About RRSPs (opens new window)
 
 

Open an RRSP

An RBC advisor can help you open your RRSP and provide advice on the right strategies for your retirement.

 

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.

 

Open an RRSP

An RBC advisor can help you open your RRSP and provide advice on the right strategies for your retirement.

 
 

Calculate Your RRSP Savings

See how much you could save by contributing to an RRSP on a monthly basis.

 
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RBC RSP-Matic® Plan

Making regular, automatic contributions to your Registered Retirement Savings Plan (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 a year.

  • Get started with $25 a week or another amount that fits your budget.
  • You can make contributions weekly, biweekly, semi-monthly, monthly, etc.
  • Your contributions are automatically transferred from your bank account at RBC Royal Bank® or another financial institution to your RRSP, as long as you have contribution room available in your RRSP.
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Home Buyer's Plan

The Home Buyer's Plan is a federal program that lets you borrow funds from your Registered Retirement Savings Plan (RRSP) to purchase your first home. Here are some of the key facts:

  • You and your spouse can each withdraw up to $25,000 from your individual RRSP to put towards a down payment on a home
  • The RRSP funds must be on deposit at least 90 days before you can withdraw them
  • Your withdrawal is not taxable as long as you repay the money within a 15-year period (at least 1/15 of the funds borrowed must be repaid into your RRSP each year, beginning two years after the withdrawal).
  • A signed agreement to buy or build a qualifying home is required
  • You pay no interest on the money you borrow from your RRSP
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Lifelong Learning Plan

The Lifelong Learning Plan allows you to borrow funds from your Registered Retirement Savings Plan (RRSP) to pay for training or education. Here are some of the key facts:

  • You can withdraw up to $10,000 per individual, per calendar year to finance full-time training or post-secondary education
  • The student can be you or your spouse, but not your children
  • If the student meets disability requirements, then he/she can be enrolled at a designated training/education institution on a part-time basis
  • The total amount that can be withdrawn is $20,000, with withdrawals over a maximum of four consecutive years
  • Amounts that are withdrawn are not subject to taxes on withdrawal
  • At least 10% of the amount borrowed must be repaid each year, over a maximum period of 10 years
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