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OFFER

Let's simplify your finances

Dreaming of a worry-free retirement, but wanting to live life to the fullest now?

Enjoy life before and after retirement with a savings plan that combines the benefits of an RRSP and a TFSA.

Our savings products offer competitive rates to keep your retirement savings on course.

For more details, see the RRSP-TFSA brochure or watch the video "RRSPs Made Easy".


RRSP vs. TFSA

RRSPs: Save for retirement
The RRSP is a registered savings plan that offers tax benefits. It helps you save money since the earnings are tax-deferred until you withdraw the funds. It is useful, for example:
  • saving for retirement
  • buying or building your first home
  • financing your education
TFSAs: Save for a specific goal
A TFSA is a registered savings plan that allows you to put money aside tax-free to reach short-term goals throughout your life. It is useful for:
  • renovating your home
  • buying a car
  • starting your business
  • taking a trip
  • saving for retirement

How do they stack up?

RRSP
CONTRIBUTIONS START
As soon as you have eligible earned income in the year preceding the contribution.
ANNUAL CONTRIBUTION AMOUNT
18% of the previous year's earned income, up to $26,500 (2019) and $27,230 (2020), less the previous year's pension adjustment if you have a pension plan with your employer.
CONTRIBUTION ROOM AVAILABLE
The total of the unused portion of your annual maximum deductible amount since 1991.
EXCESS CONTRIBUTION
Limit of $2,000 more than the allowable contribution.
EXCEED THE MAXIMUM CONTRIBUTION AMOUNT
You may have to pay a penalty of 1% of the excess amount for each month that it remains in your account.
IS THE CONTRIBUTION DEDUCTIBLE FROM TAXABLE INCOME?
Yes
CONTRIBUTION DEADLINE
From January 1 of a fiscal year to the first 60 days of the following year.
INVESTMENT INCOME
Not taxable
WITHDRAWALS
Taxable
THE PLAN ENDS
On the earliest of these two events: December 31 of the year of your 71st birthday, or upon your death.
TFSA
CONTRIBUTIONS START
When you're 19 years old.
MAXIMUM ANNUAL CONTRIBUTION AMOUNT
2009 to 2012: $5,000
2013 and 2014: $5,500
2015: $10,000
2016 to 2018: $5,500
2019: $6,000
CONTRIBUTION ROOM AVAILABLE
The total of the unused portion of your annual maximum allowable amount since 2009.
EXCESS CONTRIBUTION
Not allowed
EXCEED THE MAXIMUM CONTRIBUTION AMOUNT
You may have to pay a penalty of 1% of the excess amount for each month that it remains in your account.
IS THE CONTRIBUTION DEDUCTIBLE FROM TAXABLE INCOME?
No
CONTRIBUTION DEADLINE
From January 1 to December 31 of the current year.
INVESTMENT INCOME
Not taxable
WITHDRAWALS
Not taxable
THE PLAN ENDS
Upon your death