Pay less tax now. Retire with more.
Published September 2026 · Last reviewed: October 2026
A Registered Retirement Savings Plan cuts your taxable income this year — and your money grows tax-free until retirement. We help our clients set one up — free.
What the RRSP does for you.
18% of your income
Your yearly room is 18% of earned income, up to the CRA’s annual maximum. Unused room carries forward.
Tax-deferred growth
No tax on interest, dividends, or gains while the money stays in the plan.
$35,000 for a first home
Borrow from your RRSP for your first home’s down payment and pay yourself back over 15 years.
Contribute now, thank yourself later.
Contribute
Put money in any time before the March deadline to count for last year’s taxes.
Deduct it
Contributions lower your taxable income — often producing a tax refund you can reinvest.
Grow, then withdraw later
Money compounds untouched by tax; withdrawals are taxed as income — usually at a lower rate in retirement.
What you get out of it
- A smaller tax bill this year. Every dollar you contribute is a dollar the CRA can’t tax right now.
- A refund you can reinvest. Many people put the refund straight back into the RRSP — compounding twice.
- More growth, less drag. Nothing is taxed along the way, so your money compounds faster.
- Penalty-free withdrawals for a first home or education. Special programs let you borrow from yourself and pay it back.
RRSP or TFSA — which one?
Short version: the RRSP wins when your income is high now and will be lower in retirement — you save tax at a high rate today and pay at a lower rate later. The TFSA wins when you want flexibility and tax-free withdrawals any time. Many families use both — we’ll help you split it right on a free consultation.
We help our clients set this up — free.
Investment accounts are a complimentary extra for SecureMyFamily clients. Book a free consultation and we’ll walk you through it — no spam, no pressure, no data selling.
Sources
How we’re paid
Our advice costs you nothing. When you buy a policy through SecureMyFamily, the insurance company pays us a commission — the price you pay is the same as if you bought directly from the insurer. Commission levels vary by insurer and product, and we’re happy to explain exactly how we’re compensated on any product we recommend — just ask. See our licensing & disclosures.