How an automatic RRSP savings plan works

With regular, automatic contributions to your RRSP, you’ll never forget to make your contribution or be tempted to spend the money on something else. Here's how it works:

• You can open an RRSP with as little as $100 and set up automatic contributions of $25 or more per month.
• Your contributions are automatically debited from your chequing or savings account at RBC^® or another financial institution.
• You can make contributions weekly, biweekly, semi-monthly, monthly, quarterly, semi-annually or annually—whatever works best for your budget.
• You can adjust your contribution amount and frequency (even put it on hold) at any time. All it takes is one phone call.
• You can hold a variety of investments inside your RRSP, including mutual funds, GICs and saving deposits

Eligibility for an RRSP

You are eligible to open an RRSP if you are between the ages of 18 and 71, you have earned income (for example, income from an employer or rental income), and you file a Canadian income tax return. Your notice of assessment tells you how much you can contribute.