RRSP - Registered Retirement Savings Plan
Updated: Jun 12, 2026 · 2026The RRSP is a retirement-focused account where contributions are tax deductible and investment growth is tax deferred. Withdrawals are taxed as income.
2026 contribution limits
Annual dollar limit
- 2026 RRSP dollar limit: $33,810 CAD
- Personal limit: 18% of 2025 earned income, up to that cap
- Reaching the full $33,810 requires roughly $187,833 of 2025 earned income
- Pension adjustments can reduce your room
Carry forward and deadlines
- Unused room carries forward indefinitely
- Deadline to contribute for the 2025 tax year: March 2, 2026
- Lifetime over-contribution buffer of $2,000 (no penalty)
- Excess beyond $2,000 incurs 1% per month penalty tax
Tax implications
Contributions
- Reduce taxable income for the year claimed
- Refund value depends on your marginal tax rate
- Spousal RRSP contributions can support income splitting
Withdrawals
- Taxed as ordinary income in year of withdrawal
- Withholding tax applies on early withdrawals
- Must convert to RRIF or annuity by Dec 31 of year you turn 71
- Home Buyers' Plan and Lifelong Learning Plan have special rules
Broker support
RRSP is widely available. Each broker still has its own forms and conditions, so confirm directly before opening.
- Wealthsimple: commonly supported
- Questrade: commonly supported
- Interactive Brokers Canada: commonly supported
- Moomoo Canada: commonly supported
Sources verified for 2026: CRA RRSP/TFSA limits page and CRA Notice of Assessment guidance. Always confirm your personal contribution room in your CRA My Account.