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A Registered Retirement Savings Plan (RRSP) can help you save for more than just retirement. Through the Home Buyer’s Plan, you can borrow up to $25,000 from your RRSP to use as a down payment on your first home. So start saving in an RRSP now and in a few years, you could make your dreams of home ownership come true!

  • Start small. Even a small amount invested in an RRSP regularly (weekly, monthly, etc.), can grow into a large down payment over time.
  • Set it and forget it. Saving for a down payment on your first home is easier when you save automatically with the RBC RSP-Matic®.
  • Get the right advice. An RBC® advisor can show you how an RRSP and the Home Buyer’s Plan could help you buy your first home.

See how quickly you could save for a down payment on a home. The RSP-Matic Calculator (opens new window) will show you how much you could save by contributing to an RRSP monthly.

Contact UsTip:
Instead of entering your desired retirement age into the calculator, enter the age at which you want to buy your first home.

 

Follow the road to your first home—contact an RBC advisor about an RRSP and the Home Buyer’s Plan today!

  • Book an Appointment
  • Contact Us Call 1-866-808-1015
  • Contact Us Visit an RBC Branch
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* This example assumes a 5% annual rate of return in a Registered Retirement Savings Plan. Example is strictly for illustrative purposes only and are not intended to be representative of the performance of any actual or future investment available to investors. Actual client returns may differ substantially. 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.

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RBC RSP-Matic®

With the RSP-Matic, you contribute to a Registered Retirement Savings Plan (RRSP) regularly and automatically.
Here are a few reasons to start an automatic savings plan today:

  • Convenience. Your contributions are automatically transferred from your bank account at RBC Royal Bank® or another financial institution to your RRSP.
  • Flexibility. You decide how much and how often you want to contribute—weekly, monthly, etc.
  • Growth Potential. Even small monthly RRSP contributions can add up quickly. Try the RSP-Matic Calculator (opens new window) now to see how much you could save by contributing to an RRSP on a regular basis.
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Registered Retirement Savings Plan (RRSP)

If you earn income and are under the age of 72 (at the end of the calendar year), you can take advantage of the benefits offered by an RRSP. An RRSP is a personal savings plan registered with the Canadian federal government that lets you save for retirement (and your first home) on a tax-sheltered basis.
What makes an RRSP special is that your contributions are tax-deductible and your money grows tax-sheltered. With an RBC Royal Bank® RRSP, you can choose from a variety of investments, including savings deposits, Guaranteed Investment Certificates (GICs) and mutual funds.

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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 must be repaid 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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