A Registered Retirement Savings Plan (RRSP) is a savings plan for retirement that is regulated by the Canadian government. Your earnings in an RRSP are tax sheltered and your contributions are tax-deductible
Not only can you defer payment of income tax until retirement (when you are presumably in a lower tax bracket) but you can contribute to a RRSP and use it to purchase your first home or to go back to school.
Interest can be paid annually or compounded and paid at maturity.
|
Term
|
$500
|
$10,000
|
$25,000
|
$50,000
|
$100,000
|
|---|---|---|---|---|---|
|
1 year
|
3.45%
|
3.70%
|
3.90%
|
4.00%
|
4.20%
|
|
2 year
|
3.40%
|
3.60%
|
3.70%
|
3.80%
|
4.15%
|
|
3 year
|
3.30%
|
3.40%
|
3.50%
|
3.60%
|
3.95%
|
|
4 year
|
3.20%
|
3.30%
|
3.40%
|
3.45%
|
3.90%
|
|
5 year
|
3.05%
|
3.20%
|
3.30%
|
3.40%
|
3.80%
|
Factor |
Rate |
|---|---|
|
Interest is paid semi-annually: June and December |
0.25% |
Download the Deposit Insurance Reserve Fund (DIRF) Brochure
Learn more at
https://fsrao.ca or https://fsrao.ca/fr
For more information on the First Time Home Buyer’s Plan, click here and for the Lifelong Learning Plan, click here.
To learn more about RRSPs, please refer to the Canadian Revenue Agency website.