What is the maximum RRSP contribution per year?

The maximum you can contribute to your RRSP is 18% of your previous year's eligible earnings, up to the annual limit ($31,560 in 2024). To this you add your unused deductions from previous years.

What is the interest rate on an RRSP?

An RRSP is not an investment and has no interest rate. It's a savings plan in which you can make investments that generate returns in the form of interest income, dividends or capital gains. These include GICs, stocks, and ETFs.

When can an RRSP be withdrawn?

You can withdraw funds from your RRSP at retirement using a RRIF. But you can also withdraw funds from your RRSP (tax-free) under the HBP and LLP. Finally, you can withdraw funds from your RRSP before retirement, for example, if you lose your job.

Is it better to contribute to an RRSP or TFSA?

There's no one-size-fits-all answer. Depending on your personal and financial situation, and your goals, it may be best to contribute to your RRSP, your TFSA, or both.

How does an RRSP work?

An RRSP is a registered plan that allows you to save for your retirement. Your contributions are tax-deductible, and your earnings are tax-free until disbursed at retirement.

What is the maximum RRSP contribution in 2024?

For 2024, the maximum RRSP contribution is $31,560 (or 18% of your previous year's eligible earnings, whichever is less). The deadline for RRSP contributions is March 1, 2025.