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RRSPs

Invest in tomorrow today

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At a glance

What is a Retirement Savings Plan (RRSP)?

An RRSP is government-registered plan that lets you defer your income tax until after you retire. Your contributions are invested and earn interest until you cash them in for retirement or other projects.

Perfect if you are looking to:

  • Invest in a tax-sheltered vehicle
  • Reduce your taxable income
  • Save for retirement
  • Buy a home
  • Finance your education

Deadline

March 1, 2021


For the 2020 tax year

Contributions made in the first 60 days of the year can be claimed against the previous year's income. Go to the contribution deadline page to learn more.

Tip

Set up systematic savings and contribute throughout the year.

Age limit

71

You can contribute until December 31 of the year you turn 71. Learn more about your options after retirement.

Tip

Over the age limit? Keep saving with a TFSA.

Maximum contribution

18% of the previous year's income


Contribution limit for the 2020 tax year: $27,230

Contribution limit for the 2021 tax year: $27,830

Unused contribution room can be carried forward. Visit the maximum RRSP contributions.

Tip

Keep saving tax-free with a TFSA.

Magic wand tip icon

Tip

Running out of time? Put your money in a Progress RRSP or an Altamira High-Interest CashPerformer®2 account now and decide how to invest it later.


Perfect if you're looking to:

Planning for retirement icon

Make the most of your retirement

My retirement

House icon

Buy your first home

Learn more about the HBP

Studying icon

Go back to school

Learn more about the LLP

What products should you hold in an RRSP?

Choose an investment solution based on your investor profile and start contributing.

Eligible products

Guaranteed Investment Certificates (GICs)

Protect your initial investment while you grow your savings.

See our GICs

 

Managed solutions and investment funds

Let our expert portfolio managers take care of your savings.

See our managed solutions and investment funds

Self-directed investments

Take an active role in managing your investments.

Discover National Bank Direct Brokerage

Talk to a retirement and investment specialist and start planning now.

Make an appointment

Little details that matter

Product eligibility

Other eligible products

  • Public stocks
  • Treasury bills
  • Term deposits
  • Exchange-traded funds (ETFs)
  • Bonds
  • Call and put options on eligible investments

Non-eligible products

  • Stocks or investments in a private company where you are a designated shareholder
  • Personal assets (jewellery, art, antiques, etc.)
  • Precious metals (gold, silver)
  • Land
  • Employee stock options

Mailing dates for contribution tax receipts for 2020

Description Contribution date Sent during the week of:
 GIC held in an RRSP

 National Bank
 Before December 31, 2020  Beginning January 15, 2021
 Between January 1 and March 1, 2021  Every week beginning February 12, 2021
 RRSP investment fund National Bank Investments  Between March 3 and December 31, 2020  January 15, 2021
 Between January 1 and March 1, 2021  Every week beginning February 5, 2021
 Contributions in the first 60 days of 2021 via the Systematic Investment Plan  March 16, 2021

Mailing dates for tax slips for 2020

Product Description Statement Sent during the week of:
 Financing products National Bank  Quebec student loans (QSL)  Account statement 2nd week of January
 Mortgage loans  T5/RL-3 and NR4  February 2, 2021
 National Bank deposit products  Transaction accounts  T5/RL-3 and NR4  January 22, 2021
 Term investments (GICs)  T5/RL-3 and NR4  From February 1, 2021
 RRSP (GIC) withdrawals  T4RSP/RL-2  From February 3, 2021
 RRIF withdrawals  T4RIF/RL-2  February 12, 2021                 
 Investment products
 (investment funds)

 National Bank Investments
 Investment interest income  T5/RL-3  February 19, 2021
 Stock dividend income  T3/RL-16  February 19, 2021
 RRSP withdrawals  T4RSP/RL-2  February 3, 2021
 RRIF withdrawals  T4RIF/RL-2  February 3, 2021
 Estate contribution statement
 (rollover to spouse)
 T4RSP/T4RIF

 - RL-2
 January 15, 2021
 RESP withdrawal  T4A/RL-1  February 3, 2021
 Non-resident income  NR4  February 19, 2021
 Statement of Securities Transactions  T5008/RL-18  February 19, 2021 

2020 information guide on tax slips

Progress RRSP

  • RRSPs can be transferred to a National Bank investment solution at any time. You will receive a confirmation of your transaction in the mail shortly after.
  • In the meantime, you'll benefit from interest rates that go up as you contribute to your investments.
  • This offers greater flexibility.
  • No administration fees.
  • For information on fees related to RRSPs, refer to our brochure: Fees – Your Guide to Personal Banking Solutions [PDF], under "Registered Plans."
  • For information on rate increases or our new fee notification procedure, refer to our brochure: Fees – General Information and Agreement [PDF], under "Notice of Changes to Fees Listed in Your Guide to Personal Banking Solutions."

 

For information on the procedure for submitting claims regarding RRSP product fees, click here.

Other tax-sheltered vehicles

TFSA

Earn tax-free interest on your savings and access your funds any time.

Learn about TFSAs

RESP

Save for your children's education and receive up to $12,800 in government grants.

Learn about RESPs

See all plans
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Expert advice

Learn more.

Ready to start?

Speak with a retirement savings specialist or contribute to a plan online

Contribute online

Make an appointment

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