RRSP & RRIF Guide

The Registered Retirement Savings Plan (RRSP) is one of Canada’s primary tax-advantaged savings vehicles for retirement. Contributions reduce your taxable income in the year they are made, and investments grow tax-free inside the plan until withdrawal. At age 71, you must convert your RRSP to a Registered Retirement Income Fund (RRIF) and begin making minimum annual withdrawals.

Understanding the interplay between RRSP contribution room, marginal tax rates, and eventual RRIF withdrawal requirements is essential for maximizing the tax benefit of these accounts over your lifetime.