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RRSPs & RRIFs

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Retirement planning is something you should consider as soon as you enter the workforce and are earning a regular income

The sooner you get started, the more exponential the growth, but it's never too late to start.


A Registered Retirement Savings Plan (RRSP) is an account, registered with the federal government, that you use to save for retirement.

There is a wide variety of investment options available for RRSPs including: 

  • Mutual funds,
  • GICs,
  • Index-Linked products &
  • Labour Sponsored Funds.

There are a number of benefits to saving in an RRSP:

Contributions are tax deductible

You claim your RRSP contributions on your income tax, so any money you put in your RRSP will be subtracted from your income and you will pay less in taxes.

Savings grow tax free

You won’t pay any tax on investment earnings as long as they stay in your RRSP. This tax-free compounding allows your savings to grow faster.

​You can borrow from your RRSP to buy your first home or pay for your education

You can take out up to $25,000 for a down payment for your first home under the Home Buyers’ Plan (HBP). You can also take out up to $20,000 to pay education costs for you or your spouse under the Lifelong Learning Plan (LLP). You won’t pay any tax on these withdrawals as long as you pay the money back within the specified time periods.

​You can convert your RRSP to get regular payments when you retire

You can transfer your RRSP savings tax free into a RRIF or an annuity when you retire. You’ll pay tax on the regular payments you receive each year — but if you’re in a lower tax bracket in retirement, you’ll pay less tax.

Unsure about how much you should be contributing?

Try our retirement calculator and find out what you should be saving now to reach your retirement savings goals.



Mutual funds are offered through Credential Asset Management Inc.  Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.  Please read the prospectus before investing.  Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently and past performance may not be repeated.

A Registered Retirement Income Fund (RRIF) is an account registered with the federal government that gives you a steady income in retirement.

When you are ready to retire and start using the funds you saved in your RRSP, you can transfer those funds to a RRIF account in order to make withdrawals and use it as your retirement income.

Some benefits of a RRIF include:

Flexible withdrawals

A RRIF can only be funded by a transfer of assets from RRSPs or RRIFs owned by you or a deceased spouse/common-law partner, a registered pension plan or a deferred profit sharing plan.

Continued tax sheltering 

While you have to take a minimum amount out of your RRIF each year, the remainder stays tax sheltered. That means your RRIF investments can continue to grow on a tax-deferred basis during your retirement, providing much needed compounded investment growth.

Control over your investments

You have the same investment choices for a RRIF as you do with an RRSP. If you've developed an investment strategy to save for retirement, you can also design an investment strategy to meet your retirement income needs.

Option to convert to an annuity later

If you reach a point in your retirement where a guaranteed stream of income is a more important priority than investment flexibility, you can transfer some or all of your RRIF assets to an insurance company to purchase an annuity, while still maintaining the tax sheltered nature of the assets. You only pay tax on the annuity payments as they're made to you.

If you' are planning to retire within the next few years don't wait until the last minute to develop a retirement income strategy.

From asset mix decisions to income withdrawal strategies, there are many factors to consider when converting from a retirement savings plan to a retirement income plan.


Mutual funds are offered through Credential Asset Management Inc.Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.  Please read the prospectus before investing.  Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently and past performance may not be repeated.

Speak with one of our investment advisors to determine the retirement income options that will best suit your retirement needs.

​The sooner you start saving for retirement, the faster your account will grow, thanks to compounding interest.

The easiest way to get started is to set up a pre-authorized contribution (PAC)  to be automatically withdrawn from your account to your RRSP on a schedule that is convenient for you.

You will be investing in your future without having to worry about it!

​​Borrowing for Your RRSP Could Help You Build a Secure Retirement

A RRSP Loan is a great way to maximize your RRSP if you haven't reached your contribution limit. Take advantage of the tax benefits today as you save for your retirement.