The RRSP Contribution Deadline Is March 1st—Don’t Miss Out.

Open an account or contribute to your RRSP today and claim a deduction for the 2021 tax year.

Call us at 1-844-261-0078 1-844-261-0078
Open an RRSP

Save for Retirement and Reduce Your 2021 Tax Bill

Whether you’re already saving for retirement or just getting started, now is a great time to contribute to an RBC Registered Retirement Savings Plan (RRSP). It’s a type of registered investment account that helps you save for retirement by deferring taxes on your investment earnings.

Open or contribute to your RRSP by March 1, 2022 to:

Save on this year’s tax bill. Any contributions up to the deduction limit could reduce your taxable income for 2021, which may help lower your tax bill.
Defer taxes on your investment income until retirement. This allows your money to stay invested and grow faster. Plus, by the time you retire and make withdrawals, you will likely be in a lower tax bracket.
Enjoy a more comfortable retirement. The sooner you contribute to an RRSP, the more time your money has to grow.

Numbers to Know

$27,830

2021 RRSP deduction limit¹—or 18% of your earned income the previous year—whichever is lower.

$35,000

Maximum amount you may be able to borrow from your RRSP to go to school² or buy your first home³.

The age at which contributions stop and you need to convert your RRSP to an income option (like a Registered Retirement Income Fund).

Did You Know? You can make up for missed RRSP contribution room from previous years.

Did You Know?

You can make up for missed RRSP contribution room from previous years.

Open or Contribute to Your RRSP Today

Hurry, March 1st will be here before you know it.

To open a new RRSP:
Call 1-844-261-00781-844-261-0078

Book an Appointment

To contribute to an
existing RRSP

Things Our Lawyers Want You to KnowThings Our Lawyers Want You to Know

If you contributed more to your RRSP than your deduction limit allows, you will have an excess contribution. You may have to pay a tax of 1% per month on excess contributions that exceed your RRSP deduction limit by more than $2,000. For details see Canada Revenue Agency Information about RRSP contributions.

Under the Lifelong Learning Plan, you can withdraw up to $10,000 per calendar year for your own or your spouse's full–time training or post–secondary education. The total amount that can be withdrawn is $20,000 each with withdrawals over a maximum of four consecutive years. At least 10% of the amount borrowed must be repaid each year, over a maximum period of 10 years.

You can withdraw up to $35,000 from your RRSP to buy your first home under the Home Buyers’ Plan. The funds must have been on deposit at least 90 days before you withdrew them, and a signed agreement to buy or build a qualifying home is required. At least 1/15 of the funds must be repaid each year, beginning two years after the funds were withdrawn. For details see Canada Revenue Agency Home Buyers’ Plan.