With an Registered Retirement Savings Plan (RRSP), you save for your retirement while enjoying income tax savings each year that you contribute.
But how much should you contribute to your RRSP? The answer is different for each person. It depends on your current situation and your retirement goals.
Our IAG Savings and Retirement Plan offers a wide range of investment fund options. A financial advisor can help you to pinpoint your needs and find the solution that is right for you.
First step: Try the calculator for yourself
You will have saved In your RRSP when you retire
- Contribution amount
This result is for information purposes only and is calculated based on the information you have provided and one certain assumptions.
Test other scenarios
Change the amount invested
Change your anticipated retirement age
- The rate of return used for this simulation is 5%. Real returns may vary.
- Your RRSP contribution used for this simulation remains fixed and is not indexed.
- All contributions to your RRSP grow on a tax-free basis. Your overall annual contribution may not exceed $25,370 (based on the 2016 limit).
- It is important to verify your federal notice of assessment to determine the amount of unused contribution room permitted for the taxation year concerned.
- You may make contributions to your RRSP until December 31 of the year in which you turn 71.