RRSPs in Canada

RRSPs in Canada are a great tax break and an important element of planning for your retirement. Here are the basics.

How to check what your limit is for your RRSP contributions each year.

If you withdraw money from an RRSP the financial institution sends you a T4RSP telling you how much money you withdrew and the income tax deducted. Include a copy with your income tax return.

Financial institutions also issue T4RIF tax slips on Registered Retirement Income Fund (RRIF) income for Canadian taxpayers to use when completing their Canadian income tax returns.

The Home Buyers Plan lets first-time home buyers use money from their RRSPs to help finance a home without paying taxes on the withdrawal.

Under the Lifelong Learning Plan you can withdraw money from your RRSPs to finance training and education for you and your spouse or common-law partner. From the Canada Revenue Agency.

The year you turn 71 is the last year you can contribute to an RRSP. One option you have is to transfer the funds to a RRIF.

This Canada Revenue Agency section on registered retirement savings plans contains detailed information you may need to complete your income tax return.

CANOE Money has RRSP news, articles, tips and rates.

Useful information on the basics of RRSPs, including how to choose an RRSP that's right for your. From the Investor Education Fund.

A comparison chart showing rates for one to five-year RRSPs at various financial institutions across Canada. From CANOE Money.

This calculator estimates the ongoing income you may receive throughout your retirement to help you plan. It takes about 30 minutes to use. From Service Canada.