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Tangerine RSP Savings Account

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.

Key features at a glance
  • Great rate
  • Flexibility
  • No fees or service charges while you save with us
  • Automatic Savings Program

Current Interest Rates:

Current per year interest rate since:

Special offer: Become a new Client and you could earn 2.75% interest on your first Tangerine RSP Savings Account for 6 months. Plus, find out how to earn up to $50 in cash Bonuses††. Learn more


  • Great rate
  • Our rates are among the best around.

  • Flexibility
  • 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.

  • No fees or service charges when you save with us
  • 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*.

  • No minimum balances
  • You earn the same great rate on every dollar in your Account.

  • Automatic Savings Program
  • 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.

Deposit Protection

The benefits of an RSP

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.

How much can you contribute to your RSP?

There are three easy ways to find out how much of your RSP contribution(s) you’re allowed to deduct for your income taxes.

  1. Check last year's income tax Notice of Assessment. Your RSP deduction limit can be found in the RSP Deduction Limit Statement on your latest Notice of Assessment or Notice of Reassessment from the Canada Revenue Agency (CRA).
  2. Call the Tax Information Phone Service (TIPS) at 1-800-267-6999. The service is available from the middle of September to April 30. You will be asked for your Social Insurance Number, your month and year of birth, and the total income you reported on line 150 of your income tax return for the previous year.
  3. You can also use the CRA’s service online at www.cra-arc.gc.ca to find out the limit of your RSP contributions allowed for your income taxes. Please note that before you can access this tax service for the first time, you must register for a Government of Canada ePass.

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.

Ready to enroll?

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.