At Mainstreet, we know managing your money and saving for retirement can feel overwhelming. That’s where we come in. Our Mainstreet and Aviso Wealth Advisors are here to help you build a retirement plan that grows with you – from opening your Registered Retirement Savings Plan (RRSP) to helping you grow your account and then converting it into a Registered Retirement Income Fund (RRIF) in retirement.
What is an RRSP?
An RRSP is a government-registered account designed to help Canadians save for retirement. When you contribute to your RRSP account, those contributions are tax-deductible, and any investment growth inside the RRSP is tax-deferred until you withdraw it.
Your RRSP can hold a variety of investments such as mutual funds, bonds, GICs, term deposits or cash. Choosing the right mix depends on your goals and risk tolerance. For example, if you’re just beginning your career, your retirement investment strategy would look different compared to someone who is a few years away from retirement. Our advisors are here to help you select the right investments for your goals, timeline and risk with personalized advice that’s unique to you, so you can reach your retirement goals with ease.
Types of RRSPs
You can choose a few different options when you have an RRSP. Here are the most common ones.
- Advisor-led investing: Work with a Mainstreet and Aviso Wealth Advisor to build a personalized financial plan. We’ll help you optimize and grow your finances to reach your retirement goals with confidence.
- Self-directed RRSP: Prefer to manage your own investments? With our partner Qtrade Direct Investing®, you can choose and manage your own investments that fit your strategy.
- Employer-sponsored RRSP: This is an RRSP plan provided by your employer, where your contributions may be matched by your employer up to a specific rate. This is an effective way to maximize your savings with contributions from you and your employer.
At Mainstreet, we make it easy and in the way you prefer. Whether you want a hands-on guided approach or prefer to do it yourself, our team is here to make your retirement goals a reality.
When Can I Start Contributing?
You can start contributing to an RRSP if you are 18 years old or older and have reported income to the Canadian Revenue Agency (CRA). The sooner you start contributing to your RRSP, the better, because starting now allows you to take advantage of the power of compound interest. Even small contributions can grow significantly over time. If you’re unsure how much to contribute, you can try our retirement calculator or book an appointment with a Mainstreet and Aviso Wealth Advisor.
Contribution Limits
There are limits to how much you can contribute to your RRSP or to your spouse’s Spousal RRSP each year. For the 2026 taxation year, the maximum allowable contribution is: $33,810. Your personal contribution room is the lower of:
- 18% of the earned income reported on your tax return for the previous year
- The government set maximum annual contribution limit for the year
- The remaining limit after any employer-sponsored pension plan contribution
- You can carry forward unused RRSP contribution room since 1991.
To find out your exact contribution, as well as your carry-forward contribution room, check your most recent Notice of Assessment from the CRA, or log in to your online account with CRA.
Is There an Annual Deadline to Contribute?
Yes, there is a deadline to receive your RRSP deduction for a specific tax year. To claim a deduction on your 2025 income tax, the deadline to contribute to your RRSP is March 2, 2026. Missing the deadline means waiting until next year to get the tax benefits. You can make contributions anytime during that year, or up to 60 days into the following year.
Spousal RRSP
Did you know you can contribute to your own RRSP and your spouse’s RRSP? This strategy has a few perks, like reducing your taxable income for the year, enabling income splitting in retirement, which can reduce taxes when you retire.
If you want to know if contributing to your spouse’s Spousal RRSP is right for you, our Mainstreet and Aviso Wealth Advisors are here to help you decide. They’ll understand your goals and needs to make sure this is the best route for you and your financial picture, all while keeping you and your goals at the forefront.
Special RRSP Programs
The Canadian government also allows you to withdraw from your RRSP for major life goals, such as buying your first home or going back to school.
Home Buyers Plan
With the RRSP Home Buyers’ Plan (HBP), you can withdraw up to $60,000 tax-free from your RRSP account to buy your first home. This means you can take advantage of tax deductions from your RRSP, all while saving for a down payment. However, there is a catch: the amount withdrawn must be repaid over 15 years. Any repayment made to your RRSP will not give you further income deductions.
To qualify, you must be Canadian, the home must be your principal residence, and you need to be a first-time home buyer. To understand if the HBP is right for you, our advisors can walk you through and understand your goals. They can also help you create a plan to pay back your RRSP with ease.
Lifelong Learners Plan
The Lifelong Learning Plan (LLP) allows you to withdraw up to $20,000 from your RRSP to fund full-time education for yourself or your spouse. Similar to the HBP, this must be repaid without further income deduction over 10 years. If you’re considering using your RRSP for education, our team can help you plan your repayments and keep your retirement on track.
RRSP to RRIF
By the end of the year, when you turn 71, the government requires that you convert your RRSP to an RRIF. You can do this earlier if you want to begin using your RRSP as income. If not, you can contribute to your RRSP account until the year you turn 71.
If you have a younger spouse and would still like to make RRSP contributions, there are opportunities to contribute to their Spousal RRSP, which can help with income splitting and tax planning. Not sure when to make the switch or how to maximize your retirement income? Our Wealth Advisors can guide you through this transition with high-quality personalized advice to ensure you feel confident in your decisions and that your retirement income is optimized.
How Mainstreet Can Maximize Your RRSP
Our Wealth Management Advisors are here to support you through every stage of retirement planning. Whether you’re just starting out investing, consolidating an employer RRSP with your RRSP or planning your RRIF transition. Here is how we can help:
- Gather your information: We start by understanding your full financial picture.
- Establish goals and objectives: Together, we clarify what matters most to you – from retirement to family support or lifestyle goals.
- Analyze your financial situation: We review your cash flow, debts, investments, assets, and CPP/OAS estimates, providing guidance on the optimal time to take benefits while identifying your financial strengths and opportunities.
- Develop and present your financial plan: You’ll receive a personalized, easy-to-understand plan for reaching your retirement goals.
- Implement the plan: We help you put your plan into action, whether that means adjusting investments, automating savings, or refining strategies.
- Monitor and review frequently: Life changes – and so should your plan. We’ll meet regularly to ensure you stay on track.
At Mainstreet, we can assist with retirement planning, estate planning, tax strategies, investment planning, risk management, and cash flow management – all free for our members.
Retirement planning can feel complicated and complex, but you don’t have to navigate it alone. Our Mainstreet and Aviso Wealth Advisors are here to guide you every step of the way. Whether you’re just starting your RRSP, maximizing contributions, or planning your RRIF transition, we’ll help you feel confident about your financial future.
Book an appointment today, and together we can reach your retirement goals.
Mutual funds are offered through Credential Asset Management Inc. and Qtrade Asset Management (a tradename of Credential Asset Management Inc). Mutual funds and other securities are offered through Qtrade Advisor and Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.