RSP Frequently Asked Questions

What are the advantages of Retirement Savings Plans (RSPs)?

Who can contribute?

How much can I contribute?

In general, you can contribute either 18% of your previous year's earned income - subject to a dollar limit - plus any unused RSP room carried over from previous years, less pension adjustments, for the previous tax year. To find out what are the RSP contribution limits for this and the past years, please visit the Canada Revenue Agency website.

Can I make up missed contributions from other years?

What if I contribute more than my limit?

How many years can I contribute to my RSP?

What happens to my RSP when I turn 71?

What about cash withdrawals?

What is the Home Buyers' Plan?

How do I go back to school using my RSP?

Is it really better to invest in my RSP sooner rather than later?

Can I contribute now and deduct later?

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