Get a great rate on your retirement savings. With a Tangerine RSP Savings Account, you can reduce your taxes now and get your RSP growing at one of the best savings rates around. You can also set up regular deposits so you aren't scrambling at the end of the year to make your contribution. And of course, there are never any fees or minimums while you save with us. A Tangerine RSP Savings Account is a smart way to save for your retirement - open yours today.
Current per year interest rate since:
Our rates are among the best around.
Your money is never locked in and there are no minimums. It's also easy to move your money to other investment choices within your RSP at any time.
Because we know that every penny counts when you're saving for retirement, we don't believe in unfair fees or service charges. At Tangerine you won't have to pay money to save for your retirement*.
You earn the same great rate on every dollar in your Account.
One of the best features of our Tangerine RSP Savings Account is the Automatic Savings Program (ASP). You decide how much you want to save on a regular basis and the ASP moves the money from your other bank account into your Tangerine Account.
You pay less tax. Contributions to an RSP can be deducted from your taxable income. This means you pay less tax on the money you make, leaving you with more to invest. RSPs can help you right away at tax time. This tax deduction is very worthwhile, especially if you use the tax saved to make an RSP contribution for next year or to pay off debt such as your mortgage.
Your RSP contribution is tax sheltered. Money you put into an RSP is tax sheltered during the years in which you are working and your annual income is higher. The money you contribute to your RSP (as well as the earnings you make on your investments) is only subject to tax when you withdraw it from your RSP.
People usually think of the contribution as an immediate tax deduction. It is. But there are also longer term benefits of having retirement assets in a tax-sheltered plan, such as earning compounded interest, which might be just as great as the short-term tax deduction.
Your RSP investments also accumulate within the plan tax-free. The longer your money stays sheltered from the tax man, the greater the earning power of your investment. The most powerful benefit of an RSP is this tax-free accumulation.
Income splitting with spousal RSPs. Consider making spousal RSP contributions to ensure future retirement income is split evenly between spouses. The more taxable income you have, the higher your tax bracket. Therefore, you should consider allocating future taxable income as evenly as possible between you and your spouse. The objective of this strategy is to provide both spouses with similar retirement incomes. This is what is referred to as an 'income splitting' opportunity.
Before setting up a spousal RSP, a couple should estimate their expected retirement incomes. If a spouse is expected to retire earlier, or has a lower expected retirement income than the contributor, a spousal RSP should be considered.
As the contributor to a spousal RSP, you benefit from the tax deduction while building a retirement nest egg for your spouse. Amounts withdrawn from a spousal RSP will be considered part of your spouse's taxable income, provided you have not contributed any amount to a spousal plan in the current year or the two preceding years.
There are three easy ways to find out how much of your RSP contribution(s) you’re allowed to deduct for your income taxes.
Carry-forward of contribution room. You may not have invested up to your contribution limits since 1991. If you haven't, you can carry them over for an indefinite period of time (assuming you are not turning 71 soon). Any carry-forward contribution room is shown on your CRA Notice of Assessment.
Over-contributions. Everyone is allowed a lifetime over-contribution limit of $2,000. If you've never taken advantage of this, you can. Keep in mind, the CRA charges a 1% monthly penalty on any amount over the $2,000 limit.
Age limit. You can contribute to an RSP until the end of the year that you turn 71, provided you have earned contribution room.
Deadline for contributions. In order for your RSP contributions to be eligible for the previous years’ tax filing, you must make your contributions within the first 60 days of the current year. This year's RSP contribution deadline is March 3, 2014.
RSP loans. If you can't maximize your annual RSP contribution, or have contribution room from previous years, it might be a good idea to take advantage of an RSP Loan. You'll lower your taxable income by getting a tax deduction.
Enrolling online is simple, fast and safe. Just click the Enroll now button to get started. Or, if you like, you can also enroll over the phone by calling us at 1-866-700-0314.
Savings Account, Chequing Account, and GIC rates are annualized and are current as of today's date and are subject to change without notice. Interest is calculated daily and paid monthly in the case of our Savings and Chequing Accounts; and is calculated daily and paid at maturity on a GIC.
* RSP Savings Accounts have no fees while you’re saving with us. If at some point you decide to transfer your funds to another financial institution, a $45 fee will apply.
† Full Offer Terms and Conditions are available here. The 2.75% New Client Interest Rate Offer (the “Offer”) is available to new Tangerine Clients whose Client Number with the Bank was created between June 1, 2018 and October 31, 2018. To receive the Offer, Clients must open an Applicable Account within 90 days of the date their Client Number was created. The Offer applies only to Tangerine Savings Accounts (“Savings”), Tangerine Tax-Free Savings Accounts (“TFSA Savings”), and Tangerine RSP Savings Accounts (“RSP Savings”), collectively referred to as “Applicable Accounts” and each referred to as an “Applicable Account Type”. The Offer is available on new deposits made within 182 days from the date the first Applicable Account was opened (the “Promotion Period”) to a maximum of $1,000,000 per Applicable Account Type. The Offer is current as of June 1, 2018 and is calculated by adding “Additional Interest” of 1.65% to the Bank’s current applicable posted rate (“Posted Rate”) for the Applicable Account. The Posted Rate and Additional Interest are annualized rates, calculated daily and paid monthly. The Offer is only applicable to Applicable Accounts where the Eligible Client is the Primary Account Holder. The Offer and interest rates are subject to change without notice. Any capitalized terms used herein are found in the full Offer Terms and Conditions available here.
‡ Six months equals 182 days.
†† To earn the first $25 Bonus, you must become a New Tangerine Client using the promoted Orange Key and successfully open your first Tangerine Savings Account, Tangerine RSP Savings Account or Tangerine Tax-Free Savings Account with a minimum deposit of $100 by October 31, 2018. Accounts are deemed successfully opened when you have satisfied the Account Terms and Conditions and the Account is without restrictions. Bonus deposits will be made to your first opened Tangerine Account within thirty days of Account opening. This offer cannot be combined with other New Client Account-opening cash Bonus offers. To earn the second $25 ASP Bonus, the ASP amount must total $100 or more per month, for 6 continuous months. The New Client must set up their ASP by the end of the next calendar month following their first Savings Account opening date. The Account is considered open once it is free of any and all restrictions. The second $25 ASP Bonus will be deposited into the same Account as the ASP, within 30 days from the 6th month that the ASP is successfully in place. Only 1 ASP Bonus per New Client.
Tangerine is a registered trademark of The Bank of Nova Scotia, used under licence. Forward Banking is a registered trademark of Tangerine Bank.