A registered retirement savings plan (RRSP) is a retirement plan that we register and that you or your spouse or common-law partner establish and contribute to. Deductible RRSP contributions can be used to reduce your tax. Any income you earn in the RRSP is usually exempt from tax for the time the funds remain in the plan. However, you generally have to pay tax when you cash in or receive payments from the plan.

You can withdraw from RRSPs to buy or build a home for yourself or for someone who is related to you and is disabled.

The Home Buyers' Plan (HBP) allows you to withdraw up to $20,000 from RRSPs to buy or build a qualifying home for yourself (as a first-time home buyer) or for someone who is related to you and is disabled. You may still be considered a first-time home buyer if you own a rental property or if you have not recently owned a home.

Meeting Your Needs with RRSP from CITY Finance

CITY Finance Advisor can help you begin your rrsp contribution today.