RateBuddyInvesting guide RETIREMENT SAVINGS

Compare Top RRSP Platforms

  • Retirement planning
  • Costs & investment access

RateBuddy Investing Insight Last updated

Choose an RRSP you can use through retirement.

An RRSP platform needs to work for more than this year’s contribution. Compare ongoing costs, investment choices and the support available as your retirement plans develop.

What to check before you choose

Contributions may be deductible within your available limits, while withdrawals are generally taxable. Give some thought to how you will eventually draw income as well as how you will build the portfolio.

  • Check your available deduction limit before planning a contribution.
  • Ask about regular investing, account transfers and the types of investments supported.
  • Compare administration and withdrawal charges, including the later transition to retirement income.

Further reading:CRA — RRSP rules

Explore Investing Platforms for Your RRSP

The platforms below all offer RRSP accounts for you to start investing.

RateBuddy Top Pick
Earn Up to $5,000 when you open a new account and $0 commission trades on stocks, ETFs, mutual funds
Ratebuddy Cash Rebate
Qtrade
CIRO CIPF
Qtrade
Online Broker

Qtrade Direct Investing

RateBuddy 4.4/5
Google 4.0/5
Min. Deposit$0
FX Fee1.5%
Commissions & Fees
Stock Trading
$0 Stock Trade Commission
ETF Trading
$0 ETF Trade Commission
Options Trading
$0.75/contract
Get $50 Ratebuddy Cash Rebate
Welcome Bonus Up to $5,000
New clients can earn **up to $5,000 in cashback, plus a $100 quick-pay bonus**, when they open and fund a new Qtrade account using promo code **OFFER2026** between September 1, 2026 and January 5, 2027. Clients transferring $15,000 or more can also claim up to $150 per transfer request in transfer-fee rebates on top of the cashback, while all clients benefit from $0 commission trading on stocks, ETFs and mutual funds. Terms and conditions apply.
Transfer / Switch Offer Up to $150
Transfer your investments from another financial institution and Qtrade will reimburse your transfer-out fees up to $150. Conditions apply.
Key Highlights
Free Stock Trading Free ETF Buy Free ETF Sell Cover Transfer Fees CIRO Member
National Bank of Canada
CIRO CIPF
National Bank of Canada
Online Broker

National Bank Direct Brokerage

RateBuddy 4.8/5
Google 4.6/5
Min. Deposit$0
FX Fee1.5%
Commissions & Fees
Stock Trading
Free
ETF Trading
Free
Options Trading
$1.25
Key Highlights
Free Stock Trading Free ETF Buy Free ETF Sell CIRO Member Bank-Owned / Big 6
Questrade
CIRO CIPF
Questrade
Robo Advisor

Questwealth Portfolios

RateBuddy 4.8/5
Google 3.2/5
$1k
Min. Deposit
Active Mgmt
Strategy
0.12%
Avg. MER
Socially Responsible Investing
Key Highlights
Best for Beginners Cover Transfer Fees CIRO Member Automatic Rebalancing Socially Responsible Investing (SRI)
Ju
CIRO CIPF
Justwealth
Robo Advisor

Justwealth

RateBuddy 4.8/5
Hybrid Advice
$5k
Min. Deposit
Passive Indexing
Strategy
~0.20%
Avg. MER
Tax-Loss Harvesting Human Financial Advice
Key Highlights
CIRO Member U.S. Dollar (USD) Accounts Automatic Rebalancing Goal-Based Investing Tax-Loss Harvesting
Interactive Brokers
CIRO CIPF
Interactive Brokers
Online Broker

Interactive Brokers

RateBuddy 4.7/5
Google 4.6/5
Min. Deposit$0
FX Fee0%
Commissions & Fees
Stock Trading
$1.00
Options Trading
$1.25
Key Highlights
CIRO Member Best for Active Traders U.S. Dollar (USD) Accounts Extended Hours Trading No FX Fee
Desjardins Group
CIRO CIPF
Desjardins Group
Online Broker

Desjardins Online Brokerage (Disnat)

RateBuddy 4.6/5
Google 4.6/5
Min. Deposit$1k
FX Fee1.5%
Commissions & Fees
Stock Trading
Free
ETF Trading
Free
Key Highlights
Free Stock Trading Free ETF Buy Free ETF Sell Cover Transfer Fees CIRO Member
CI Financial
CIPF
CI Financial
Robo Advisor

CI Direct Investing

RateBuddy 4.5/5
Google 4.6/5
Hybrid Advice
$100
Min. Deposit
Passive Indexing
Strategy
0.17% - 0.23% (Private 0.49%+)
Avg. MER
Human Financial Advice
Key Highlights
No FX Fee Automatic Rebalancing Goal-Based Investing Access to Human Advisors CIPF Protected
RBC Royal Bank
CIRO CIPF
RBC Royal Bank
Online Broker

RBC Direct Investing

RateBuddy 4.4/5
Google 2.9/5
Min. Deposit$0
FX Fee1.5%
Commissions & Fees
Stock Trading
$9.95
Options Trading
$1.25
Key Highlights
CIRO Member Bank-Owned / Big 6 U.S. Dollar (USD) Accounts Margin Trading CIPF Protected
RBC Royal Bank
RBC Royal Bank
Robo Advisor

RBC InvestEase

RateBuddy 4.4/5
Google 4.2/5
Hybrid Advice
$100
Min. Deposit
Passive Indexing
Strategy
0.11% - 0.23%
Avg. MER
Socially Responsible Investing Human Financial Advice
Key Highlights
Best for Beginners Cover Transfer Fees Bank-Owned / Big 6 Automatic Rebalancing Goal-Based Investing
TD Canada Trust
CIRO CIPF
TD Canada Trust
Online Broker

TD Direct Investing

RateBuddy 4.3/5
Google 4.9/5
Min. Deposit$0
FX Fee1.5%
Commissions & Fees
Stock Trading
$9.99
ETF Trading
Free
Options Trading
$1.25
Key Highlights
Free ETF Buy CIRO Member Bank-Owned / Big 6 U.S. Dollar (USD) Accounts Fractional Shares
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Visualize Your Retirement Growth

See how your money could grow in an RRSP. Use our calculator to model your future nest egg, completely tax-deferred.

Adjust your contributions to see the power of compound interest in action.

Your Growth Plan
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Your Estimated Growth
Estimated Future Value
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RRSP Hub • 60-second clarity

What is an RRSP? And how does it work?

The Registered Retirement Savings Plan (RRSP) is Canada’s classic retirement tool. Think of it as a tax-deferred container: you may get a deduction now, your investments grow without annual tax, and withdrawals are typically taxed later.

Deduction today
May reduce taxable income
Tax-deferred growth
No annual tax drag inside
Tax later
Withdrawals usually taxable
The big idea

A “tax-refund today” container

Core concept

When you contribute to an RRSP, you may get a tax deduction (which often results in a tax refund). Your investments can then grow tax-deferred inside the RRSP — meaning you typically don’t pay tax on interest/dividends/gains each year while it stays inside.

Deduct contributions (often a refund)
Contributions can reduce your taxable income for the year.
Grow tax-deferred
Your portfolio can compound without yearly taxation inside the RRSP.
Withdrawals are usually taxable
You generally pay tax when you take money out (often in retirement).
The strategic use-case
RRSPs are strongest when your tax rate is higher now than you expect later. Many Canadians also reinvest the refund to accelerate compounding.
What you hold inside

“Saving” vs “Investing” inside an RRSP

Decision guide

The RRSP is the wrapper. Your results depend on what you hold inside it. Most people choose between a conservative savings setup or a growth portfolio:

Safety
1) RRSP Savings Account
Best for conservative, near-term retirement planning
  • Stable, low-risk approach
  • Often used for short timelines
  • Earns interest (typically lower return potential)
See Best RRSP Savings Rates
Growth
2) RRSP Investing Account
Most common for long-term retirement growth
  • Build a diversified ETF/stock portfolio
  • Expect ups/downs in the short run
  • Keep fees low — compounding works both ways
Robo-Advisors Online Brokers
Educational content only — not financial advice. RRSP rules and limits can change; verify official info before acting.

New to RRSPs? Learn how they work and why they matter.

Learn RRSP Basics →

Estimate tax savings and growth with your RRSP plan.

Try the RRSP Calculator →

Ready to invest? Compare RRSP platforms and fees.

Explore RRSP Platforms →

Quick summary

The Registered Retirement Savings Plan (RRSP) helps Canadians save for retirement while deferring taxes. Contributions lower taxable income and investments grow tax-free until withdrawal.

  • Tax deduction: Contributions reduce your taxable income.
  • Growth: Earnings inside the RRSP are tax-sheltered until withdrawal.
  • Contribution deadline: 60 days into the new year counts toward last year’s tax return.
  • Annual limit: 18% of last year’s earned income (up to the yearly CRA limit).
  • Conversion: Must be converted to a RRIF or annuity by Dec 31 of the year you turn 71.

Who can contribute

  • You have earned income and a valid SIN.
  • You have RRSP deduction room shown on your CRA Notice of Assessment.
  • You can contribute until Dec 31 of the year you turn 71.

Deduction room & limits

Your RRSP room equals 18% of earned income up to the CRA limit, adjusted for pension adjustments and unused room carry-forward.

How it's calculated

  • 18% of prior year’s earned income, up to the CRA dollar maximum.
  • Minus pension adjustment (if you’re in a workplace pension plan).
  • Plus unused RRSP room from previous years.

Example

If you earned $80,000 last year, 18% is $14,400. Subtract $4,000 pension adjustment, add $2,000 unused room = $12,400 RRSP room.

Carry-forward & over-contribution

  • Unused RRSP room carries forward indefinitely until used.
  • You may over-contribute up to $2,000 without penalty (but not deductible).
  • Exceeding that limit triggers a 1% per month penalty on the excess.

Spousal RRSP

  • Contribute to a spouse’s RRSP using your own RRSP room; you get the deduction.
  • Helps split retirement income for future tax savings.
  • Withdrawals within 3 years of contribution are taxed back to you.

Withdrawals & conversion

  • Withdrawals are fully taxable in the year taken and subject to withholding tax.
  • By age 71, convert to a RRIF or annuity, or withdraw the full balance (taxable).

Home Buyers' Plan (HBP) & Lifelong Learning Plan (LLP)

  • HBP: Withdraw up to the program limit for a first home. Repay to your RRSP over 15 years.
  • LLP: Withdraw for eligible education. Repay over 10 years to avoid taxes.
  • These programs have no withholding tax when rules are met.

What you can invest in

  • Cash, GICs, mutual funds, ETFs, stocks, and bonds — most standard investment products qualify.
  • Keep fees low and diversify for long-term growth.
  • Withdrawals are taxable, but growth inside RRSP compounds tax-free.

How to open an RRSP

  1. Check your RRSP room on your CRA Notice of Assessment.
  2. Choose a provider (bank, credit union, brokerage, or robo-advisor).
  3. Set up automatic monthly contributions or lump-sum deposits.

Tips that help

  • Automate contributions monthly to smooth out market ups and downs.
  • Reinvest tax refunds to maximize growth.
  • Consider deferring your deduction to a higher-income year.
Try our RRSP calculator
Estimate tax savings and retirement growth with your contribution plan.

Glossary

RRSP
Registered Retirement Savings Plan – a tax-deferred savings account for retirement.
RRSP room
The maximum amount you can contribute this year, based on income and carry-forward.
RRIF
Registered Retirement Income Fund you convert your RRSP into by age 71.
HBP / LLP
Programs allowing temporary RRSP withdrawals for home or education, with repayment required.

RRSP: Common Questions Explained

A quick guide to the most common RRSP questions — contribution limits, tax deductions, withdrawals, and more.

A Registered Retirement Savings Plan (RRSP) is a government-registered account to help Canadians save for retirement. Your contributions are tax-deductible, and investment growth is tax-deferred until withdrawal.

Your annual limit is the lesser of:

  • 18% of your earned income from the previous year, or
  • The CRA maximum ($32,490 for 2025).

Unused contribution room carries forward indefinitely.

Yes. Your RRSP contributions reduce your taxable income, which can lower taxes or increase your refund.

The deadline for the 2024 tax year is March 1, 2025. Contributions made in the first 60 days of the year can count for the prior tax year.

Withdrawals are taxable as income. You can use special programs like:

  • Home Buyers’ Plan (HBP): Withdraw up to $35,000 for a first home (repay in 15 years).
  • Lifelong Learning Plan (LLP): Withdraw up to $10,000 per year ($20,000 total) for education (repay in 10 years).

You must convert your RRSP to a RRIF or an annuity by December 31 of the year you turn 71. RRIF withdrawals are taxable, but the growth remains tax-deferred.

Eligible investments include cash, GICs, mutual funds, ETFs, bonds, and publicly traded stocks.

Yes. RRSPs offer tax deductions and deferral; TFSAs offer tax-free growth and withdrawals. Many Canadians use both for flexible saving.

You can over-contribute up to $2,000 without penalty. Beyond that, the CRA charges a 1% monthly penalty on the excess until withdrawn.