Registered Retirement Savings Plan (RRSP)
Suitable for long-term wealth accumulation and retirement planning. Contributions are tax-deductible, reducing your current taxable income while allowing investments to grow tax-deferred until withdrawal.
Wealth management products and services offered by:
Registered Retirement Savings Plan (RRSP)
Suitable for long-term wealth accumulation and retirement planning. Contributions are tax-deductible, reducing your current taxable income while allowing investments to grow tax-deferred until withdrawal.
Wealth management products and services offered by:
Registered Retirement Savings Plan (RRSP)
Suitable for long-term wealth accumulation and retirement planning. Contributions are tax-deductible, reducing your current taxable income while allowing investments to grow tax-deferred until withdrawal.
Wealth management products and services offered by:
RRSPs provide tax-deferred growth for long-term retirement security.
Tax-Deductible Contributions
Contributions made to an RRSP can be used to reduce your total taxable income for the year. This provides an immediate tax benefit, potentially resulting in a tax refund or reducing the amount of tax you owe.
Tax-Deferred Growth
Investment income earned within an RRSP—including interest, dividends, and capital gains—is not taxed as long as it remains in the account. This allows your assets to compound more effectively over time without being diminished by annual taxes.
Retirement Income Planning
An RRSP is specifically structured to help you save for the future. While withdrawals are generally taxed as income, the strategy is often to withdraw the funds during retirement when you may be in a lower tax bracket than during your peak earning years.
RRSPs provide tax-deferred growth for long-term retirement security.
Tax-Deductible Contributions
Contributions made to an RRSP can be used to reduce your total taxable income for the year. This provides an immediate tax benefit, potentially resulting in a tax refund or reducing the amount of tax you owe.
Tax-Deferred Growth
Investment income earned within an RRSP—including interest, dividends, and capital gains—is not taxed as long as it remains in the account. This allows your assets to compound more effectively over time without being diminished by annual taxes.
Retirement Income Planning
An RRSP is specifically structured to help you save for the future. While withdrawals are generally taxed as income, the strategy is often to withdraw the funds during retirement when you may be in a lower tax bracket than during your peak earning years.
RRSPs provide tax-deferred growth for long-term retirement security.
Tax-Deductible Contributions
Contributions made to an RRSP can be used to reduce your total taxable income for the year. This provides an immediate tax benefit, potentially resulting in a tax refund or reducing the amount of tax you owe.
Tax-Deferred Growth
Investment income earned within an RRSP—including interest, dividends, and capital gains—is not taxed as long as it remains in the account. This allows your assets to compound more effectively over time without being diminished by annual taxes.
Retirement Income Planning
An RRSP is specifically structured to help you save for the future. While withdrawals are generally taxed as income, the strategy is often to withdraw the funds during retirement when you may be in a lower tax bracket than during your peak earning years.
Understanding the RRSP Account
Who could open an RRSP?
The RRSP is ideal for Canadian residents with earned income who are looking to reduce their current tax bill while building a long-term retirement nest egg. It is particularly effective for those currently in a high tax bracket who expect to be in a lower bracket during retirement.
Maximum Annual Deduction Limit
The maximum amount you can contribute to an RRSP for the 2026 tax year is $33,810. However, your individual limit is specifically determined by the lesser of this dollar cap or 18% of your earned income from the previous year, subject to any pension adjustments.
Annual Contribution Room Calculation
Your personalized contribution room is calculated annually by the Canada Revenue Agency (CRA). This amount is based on your previous year's income and is adjusted if you participate in an employer-sponsored pension plan (RPP) or deferred profit sharing plan (DPSP).
Indefinite Carry-Forward of Unused Room
If you do not contribute the maximum allowable amount in a given year, the remaining "room" does not expire. It is automatically carried forward indefinitely, allowing you to make larger contributions in future years when your income—and the resulting tax benefit—might be higher.
Age Eligibility and Deadlines
There is no minimum age to open an RRSP, provided you have earned income and file a tax return to create contribution room. You may continue to contribute to your own RRSP until December 31 of the year you turn 71, at which point the plan must be converted into an income vehicle like a RRIF.
Understanding the RRSP Account
Who could open an RRSP?
The RRSP is ideal for Canadian residents with earned income who are looking to reduce their current tax bill while building a long-term retirement nest egg. It is particularly effective for those currently in a high tax bracket who expect to be in a lower bracket during retirement.
Maximum Annual Deduction Limit
The maximum amount you can contribute to an RRSP for the 2026 tax year is $33,810. However, your individual limit is specifically determined by the lesser of this dollar cap or 18% of your earned income from the previous year, subject to any pension adjustments.
Annual Contribution Room Calculation
Your personalized contribution room is calculated annually by the Canada Revenue Agency (CRA). This amount is based on your previous year's income and is adjusted if you participate in an employer-sponsored pension plan (RPP) or deferred profit sharing plan (DPSP).
Indefinite Carry-Forward of Unused Room
If you do not contribute the maximum allowable amount in a given year, the remaining "room" does not expire. It is automatically carried forward indefinitely, allowing you to make larger contributions in future years when your income—and the resulting tax benefit—might be higher.
Age Eligibility and Deadlines
There is no minimum age to open an RRSP, provided you have earned income and file a tax return to create contribution room. You may continue to contribute to your own RRSP until December 31 of the year you turn 71, at which point the plan must be converted into an income vehicle like a RRIF.
Understanding the RRSP Account
Who could open an RRSP?
The RRSP is ideal for Canadian residents with earned income who are looking to reduce their current tax bill while building a long-term retirement nest egg. It is particularly effective for those currently in a high tax bracket who expect to be in a lower bracket during retirement.
Maximum Annual Deduction Limit
The maximum amount you can contribute to an RRSP for the 2026 tax year is $33,810. However, your individual limit is specifically determined by the lesser of this dollar cap or 18% of your earned income from the previous year, subject to any pension adjustments.
Annual Contribution Room Calculation
Your personalized contribution room is calculated annually by the Canada Revenue Agency (CRA). This amount is based on your previous year's income and is adjusted if you participate in an employer-sponsored pension plan (RPP) or deferred profit sharing plan (DPSP).
Indefinite Carry-Forward of Unused Room
If you do not contribute the maximum allowable amount in a given year, the remaining "room" does not expire. It is automatically carried forward indefinitely, allowing you to make larger contributions in future years when your income—and the resulting tax benefit—might be higher.
Age Eligibility and Deadlines
There is no minimum age to open an RRSP, provided you have earned income and file a tax return to create contribution room. You may continue to contribute to your own RRSP until December 31 of the year you turn 71, at which point the plan must be converted into an income vehicle like a RRIF.
Comparing the difference between a RRSP and an TFSA
Feature
RRSP
TFSA
Main Purpose
Long-term retirement savings.
Any goal (short, medium, or long-term).
Main Purpose
Long-term retirement savings.
Any goal (short, medium, or long-term).
Tax on Deposits
Tax-deductible. Contributions reduce your taxable income now.
None. Contributions are made with after-tax dollars.
Tax on Deposits
Tax-deductible. Contributions reduce your taxable income now.
None. Contributions are made with after-tax dollars.
Tax on Growth
Tax-deferred. You don't pay tax on earnings while they stay in the plan.
Tax-free. You never pay tax on investment growth or earnings.
Tax on Growth
Tax-deferred. You don't pay tax on earnings while they stay in the plan.
Tax-free. You never pay tax on investment growth or earnings.
Tax on Withdrawals
Taxed. Withdrawals are added to your income and taxed at your current rate.
Tax-free. Withdrawals are not considered taxable income.
Tax on Withdrawals
Taxed. Withdrawals are added to your income and taxed at your current rate.
Tax-free. Withdrawals are not considered taxable income.
Withdrawal Rule
Room is generally lost. Once you withdraw, you don't get that contribution room back.*
Room is added back. The amount you withdraw is added to your room the following year.
Withdrawal Rule
Room is generally lost. Once you withdraw, you don't get that contribution room back.*
Room is added back. The amount you withdraw is added to your room the following year.
2026 Contribution Limit
$33,810 (or 18% of earned income, whichever is lower).
$7,000 (plus any unused room from previous years).
2026 Contribution Limit
$33,810 (or 18% of earned income, whichever is lower).
$7,000 (plus any unused room from previous years).
Age Limit
Must close or convert to a RRIF by Dec 31 of the year you turn 71.
No age limit. You can contribute and hold the account for life.
Age Limit
Must close or convert to a RRIF by Dec 31 of the year you turn 71.
No age limit. You can contribute and hold the account for life.
Investment fund and portfolio management services are provided through Corex Financial Inc.
Align your savings with your values
Start investing the halal way—anytime, anywhere. Access your portfolio, track performance, and build your wealth with confidence.
Investment fund and portfolio management services are provided through Corex Financial Inc.
Align your savings with your values
Start investing the halal way—anytime, anywhere. Access your portfolio, track performance, and build your wealth with confidence.
Investment fund and portfolio management services are provided through Corex Financial Inc.
Align your savings with your values
Start investing the halal way—anytime, anywhere. Access your portfolio, track performance, and build your wealth with confidence.
Investment fund and portfolio management services are provided through Corex Financial Inc.
Even more ways to grow your wealth
TFSA
Tax-Free Savings Account
A TFSA allows Canadians to set money aside tax-free. Unlike RRSPs, contributions aren't deductible, but any investment income, including capital gains and dividends, is earned tax-free and can be withdrawn at any time.
No Tax on Gains: Investment growth is never taxed.
Withdrawal Flexibility: Funds can be withdrawn and re-contributed later.
TFSA
Tax-Free Savings Account
A TFSA allows Canadians to set money aside tax-free. Unlike RRSPs, contributions aren't deductible, but any investment income, including capital gains and dividends, is earned tax-free and can be withdrawn at any time.
No Tax on Gains: Investment growth is never taxed.
Withdrawal Flexibility: Funds can be withdrawn and re-contributed later.
Spousal RRSP
Registered Retirement Savings Plan
This plan allows a high-income earner to contribute to an RRSP owned by their partner. The contributor receives the immediate tax deduction, while the spouse owns the assets and pays tax upon withdrawal.
Income Splitting: Evens out retirement income to lower family taxes.
Immediate Savings: The higher-earner reduces their current taxable income.
Disclaimer
* Corex Financial Inc. ("Corex") offers wealth management products and services to Manzil customers. Corex Financial Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Ontario, British Columbia, Alberta, Newfoundland and Labrador, and Quebec. Assets in your Corex accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (CIPF). All trademarks are the property of their respective owners. Corex will determine what investments are suitable for you.
** This website is to be used for information purposes only and is not intended to provide any financial, legal, accounting, or tax advice. No securities regulatory authority has assessed the merits of these securities or the information contained on this website.
*** Your capital is at risk with any type of investment. The value of your portfolio can increase or decrease. Past performance is no guarantee of future results. An investment may be risky and may not be suitable for an investor's goals, objectives, and risk tolerance. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.
This information is for educational purposes. Should any conflict arise between the information presented here and the official CRA website, the CRA website is considered the correct source. Please consult with a licensed representative for further assistance.
*Investment fund and portfolio management services are provided through Corex Financial Inc.*
Disclaimer
* Corex Financial Inc. ("Corex") offers wealth management products and services to Manzil customers. Corex Financial Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Ontario, British Columbia, Alberta, Newfoundland and Labrador, and Quebec. Assets in your Corex accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (CIPF). All trademarks are the property of their respective owners. Corex will determine what investments are suitable for you.
** This website is to be used for information purposes only and is not intended to provide any financial, legal, accounting, or tax advice. No securities regulatory authority has assessed the merits of these securities or the information contained on this website.
*** Your capital is at risk with any type of investment. The value of your portfolio can increase or decrease. Past performance is no guarantee of future results. An investment may be risky and may not be suitable for an investor's goals, objectives, and risk tolerance. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.
This information is for educational purposes. Should any conflict arise between the information presented here and the official CRA website, the CRA website is considered the correct source. Please consult with a licensed representative for further assistance.
*Investment fund and portfolio management services are provided through Corex Financial Inc.*
Disclaimer
* Corex Financial Inc. ("Corex") offers wealth management products and services to Manzil customers. Corex Financial Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Ontario, British Columbia, Alberta, Newfoundland and Labrador, and Quebec. Assets in your Corex accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (CIPF). All trademarks are the property of their respective owners. Corex will determine what investments are suitable for you.
** This website is to be used for information purposes only and is not intended to provide any financial, legal, accounting, or tax advice. No securities regulatory authority has assessed the merits of these securities or the information contained on this website.
*** Your capital is at risk with any type of investment. The value of your portfolio can increase or decrease. Past performance is no guarantee of future results. An investment may be risky and may not be suitable for an investor's goals, objectives, and risk tolerance. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.
This information is for educational purposes. Should any conflict arise between the information presented here and the official CRA website, the CRA website is considered the correct source. Please consult with a licensed representative for further assistance.
*Investment fund and portfolio management services are provided through Corex Financial Inc.*