A smarter way to save for retirement
A Registered Retirement Savings Plan (RRSP) is a Canadian tax-advantaged account designed to help you build long-term retirement wealth.
It can hold investments such as stocks, bonds, ETFs, mutual funds and GICs. Eligible contributions may reduce your taxable income, while investment income and gains remain tax-deferred as long as they stay inside the plan.
Why an RRSP can work in your favor
Your RRSP strategy should do more than simply hold investments. It can coordinate tax planning, retirement savings and major financial milestones.
Tax Deduction
Eligible RRSP contributions can reduce taxable income and may lower your current tax bill.
Tax-Deferred Growth
Interest, dividends and capital gains are generally not taxed annually while they remain inside the RRSP.
Retirement Tax Planning
Contributions and future withdrawals can be coordinated around changing income levels and retirement needs.
Life Goals
Eligible withdrawals may be available through the Home Buyers’ Plan or Lifelong Learning Plan, subject to CRA rules.
Flexible planning for major life goals
Home Buyers’ Plan
Eligible home buyers may be able to access RRSP funds toward a qualifying home purchase, subject to CRA eligibility and repayment requirements.
Lifelong Learning Plan
Eligible RRSP withdrawals may help fund qualifying education or training, with repayment requirements under CRA rules.
Know your contribution room
Your available RRSP contribution room is individual. Check your latest Notice of Assessment or CRA My Account before contributing.
RRSP vs. regular investment account
The key difference is how contributions and investment growth are treated for tax purposes.
Feature | Regular Account | RRSP |
|---|---|---|
Contribution tax deduction | No | Potentially eligible |
Annual tax on investment growth | Generally taxable | Tax-deferred while held |
Home Buyers’ Plan | Not applicable | May be available if eligible |
Home Buyers’ Plan | General investing | Retirement savings |
Why choose TruCover for your RRSP?
We build your strategy around the broader financial picture—not a one-size-fits-all product.
1
Personalized Strategy
Contribution and investment planning based on income, risk tolerance, retirement timeline and goals.
2
Diversified Solutions
Suitable investment options selected with your long-term objectives and risk profile in mind.
3
Integrated Planning
Coordinate retirement savings with insurance, estate considerations and broader wealth planning.
How we build your RRSP strategy
Your RRSP strategy should do more than simply hold investments. It can coordinate tax planning, retirement savings and major financial milestones.
1
Review
Assess income, goals, current savings and available contribution room.
2
Plan
Define a contribution approach and retirement objective.
3
Invest
Select suitable, diversified investment solutions
4
Review
Revisit the strategy as income, markets and goals evolve.
Frequently Asked Questions
Clear answers to common RRSP planning questions.
Your contribution room depends on your personal CRA calculation and unused room carried forward. Check your Notice of Assessment or CRA My Account for your current amount.
RRSP withdrawals are generally taxable, except where specific qualifying programs and rules apply. Tax consequences depend on your circumstances.
Unused RRSP contribution room can generally be carried forward to future years, subject to CRA rules.
RRSPs can hold many qualified investments, including certain stocks, bonds, ETFs, mutual funds and GICs. Suitability depends on your objectives and risk profile.
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