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An RRSP provides short and long-term tax advantages that can help fund the retirement you want. Pay less tax now. Contributing to an RRSP lowers your taxable income so you pay less income tax while saving for your retirement. Keep more of your investments. ... Help buy a first home or go to school.
Here's how it works: You can open an RRSP with as little as $100 and set up automatic contributions of $25 or more per month. Your contributions are automatically debited from your chequing or savings account at RBC® or another financial institution.
You can do it all with a self-directed Registered Retirement Savings Plan (RRSP). Open an Account. Complete your application online and your account can be opened within 24 hours!)
Opening an account \u2013 There is usually no charge to open an RRSP account. Some institutions may charge a small set-up fee. Annual administration or trustee fee \u2013 The annual fees for RRSPs can vary. If you have a group RRSP, your company may cover this cost for its employees.
Open the account If you are opening a self-directed RRSP, you don't have to decide how to invest your money right away. You can leave it in the account as cash or park it in a money market fund.

People also ask

A Registered Retirement Savings Plan (RRSP) is a savings plan, registered with the Canadian federal government that you can contribute to for retirement purposes. When you contribute money to a RRSP, your funds are "tax-advantaged", meaning that they're exempt from being taxed in the year you make the contribution.
To find out, log into the Canada Revenue Agency's My Account service and click on the RRSP and TFSA tab. Click on RRSP and you will be directed to a page displaying your current deduction limit. If you want more information, click on the RRSP link.
A group RRSP is a savings plan offered through an employer. It's similar to an individual RRSP, but with the added benefit of: allowing you to have savings deducted from your paycheques into a range of investments, and. receiving matching contributions (up to a certain limit) from your employer \u2013 if it is offered.
If you need help, call us at 1 888 727-7766, Monday to Friday, 8 a.m. to 8 p.m. ET....To move money from one fund to another: Sign in to the secure site; Go to the My Investments menu, under Change Investments, and click Transfer Between Investments; Select an account and follow the steps to change your investments.
5 steps to open an RRSP Shop around to compare fees and plans. Learn about different types of RRSPs and how they work. ... Decide how you want to invest your savings. ... Choose an RRSP and financial institution. ... Complete the RRSP application. ... Open the account.

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