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We offer a number of great RSP options to help you with your retirement planning.
RSP stands for Retirement Savings Plan, also known as a Registered Retirement Savings Plan or RRSP.
Tax-deferred growth while you invest for your retirement. What's not to love?
Save for retirement with a guaranteed interest rate over a fixed term.
Interest rate
Enjoy the money-saving features of a Tangerine Savings Account with the added tax benefits of an RSP.
Interest rate
Your RSP can hold different types of assets , including GICs, mutual funds, stocks, bonds and even savings accounts.
Consider setting up an RSP Automatic Savings Program to automate your contributions.
If you're a first-time homebuyer, you may qualify to withdraw up to $60,000 tax-free from your RSP and use the funds towards the purchase of your home as part of the federal Home Buyer's Plan incentive. You then have 15 years to repay the withdrawn amount.
The Lifelong Learning Plan allows you to withdraw up to $20,000 for full-time training or education for yourself, or a spouse/common-law partner. You then have 10 years to repay the withdrawn amount.
Not sure whether to put your money in an RSP or a TFSA – or both? This chart helps explain the key differences. Read the full article for more info.
| RSP | TFSA | |
|---|---|---|
| What does it stand for? | Retirement Savings Plan, also called a Registered Retirement Savings Plan or RRSP | Tax-Free Savings Account |
| Goal timeframes | Long-term saving or investing (intended for your retirement) | Suitable for short, medium or long-term saving or investing |
| Tax benefits | Tax-deferred growth. Contributions can be deducted from your taxable income. | Tax-free growth. Withdraw funds at any time without paying taxes on your withdrawal. |
| Contribution limits | 18% of the earned income reported on previous year's tax return, up to a maximum of $32,490 for 2025 | $7,000 in new contributions for 2025 (plus any room you didn't use up in previous years) |
| Key dates | March 2, 2026: The contribution deadline for claiming against your 2025 income taxes | January 1, 2026: On this date more contribution room ($7,000) opens up in your TFSA |
| Carry-forward rules | Unused contribution room is carried forward for future years | Unused contribution room is carried forward for future years |
The easiest way to check your RSP deduction limit and available contribution room is by logging into the Canada Revenue Agency's My Account for Individuals and find your Notice of Assessment (NOA).
Tax-deferred growth while you invest for your retirement. What's not to love?
Save for retirement with a guaranteed interest rate over a fixed term.
Interest rate
Enjoy the money-saving features of a Tangerine Savings Account with the added tax benefits of an RSP.
Interest rate
Tax-deferred growth while you invest for your retirement. What's not to love?
Save for retirement with a guaranteed interest rate over a fixed term.
Interest rate
Enjoy the money-saving features of a Tangerine Savings Account with the added tax benefits of an RSP.
Interest rate
Got questions? We’ve got answers.
Open a Tangerine RSP Account with these simple steps - no hoops required
Follow the prompts from there.
March 3, 2025 is the deadline for contributing to your RSP for the 2024 calendar year.
In any given year, RSP contributions that are made within the first 60 days of the calendar year can be deducted on the previous year's tax filing.
Your Tangerine RSP has no fees while you’re saving with us. If at some point you decide to transfer your funds to another financial institution, a $50 fee will apply.
There are two ways you can do this:
Option 1
Option 2
Withdrawals from your RSP are treated as taxable income for that year and are subject to a withholding tax, which range as follows:
| Withdrawal amounts | Outside Quebec | Quebec |
|---|---|---|
| $0 - $5,000 | 10% | 19% |
| $5,001 - $15,000 | 20% | 24% |
| $15,001 + | 30% | 29% |
RSP withdrawal withholding tax for Non-Residents is 25%
Yes, you can elect to have more than the designated amount of withholding tax kept back when making an RSP withdrawal. For example, an Ontario resident making a withdrawal of $4,000 could choose to have 20% withdrawn instead of the 10% required by the Canada Revenue Agency (CRA).
The major difference between the two savings products is that you cannot contribute to a RIF as you did into your RSP. Instead, the money you've been contributing into your RSP is transferred to a RIF to be used as income in the year you turn 71. The year after you turn 71, you will begin to receive RIF Payment Amounts, which will be taxed by the government as income. You can withdraw as much or as little as you'd like on top of the annual minimum required by the Canada Revenue Agency (CRA), yet, these amount are subject to withholding taxes. However, you'll have the flexibility of accessing your retirement funds when you need a little extra every now and then.
