Registered Retirement Savings Plan (RRSP) - TD Canada Trust

How do you get the things worth saving for with your first RSP?

Saving your money is about building your future. And your near future. With a Retirement Savings Plan from TD Canada Trust, you have the ability to build your future savings and use it to reach your goals. Whether you’re looking to buy your first home, need money to go back to school, or use your tax refund to buy something special, an RSP has a wide variety of benefits that can help you achieve your next big first.

Open Your First RSP today

Invest in your future.
Watch the RSP video today.

How much can you save?
Try using our RSP calculator.

Your biggest advantage is time

Right now, the one big advantage you have is time. That’s because the sooner you get started, the more you can save. For example, see below how much of a difference 5 years could make when building your savings.

Look at how much more you’ll have when you start your savings plan 5 years earlier!

Save $100 a month starting at age 25, and you’ll save $195,315 by retirement time. That’s because the money you invest grows tax-deferred until you withdraw it.

Chart showing that if you start your RSP early you’ll save more

Get a bigger tax refund

RSPs are also a great way to get a bigger tax refund. Say you make $40,000 a year, and you contributed $200/month to your RSP, you would save $661* in taxes. How sweet is that? Just think about all the great things you can do with the extra cash. You could go on a trip, pay off your debts or even reinvest the money in your RSP. Saving for the future has never been so rewarding.

Enjoy your first house with a little savings help

Not only is saving with an RSP rewarding, it’s also convenient for you as well. The Home Buyers' Plan (HBP) lets you withdraw up to $25,000 from RSPs for a new home purchase. And the amount you withdraw can be repaid within 15 years, subject to a minimum annual repayment that is 1/15 of the amount withdrawn.

Save for a better education

If you’re thinking about going back to school, the Lifelong Learning Plan allows you to withdraw up to $20,000 from your RSP to pay for eligible training or education for you, your spouse or your common-law partner. And once you withdraw the funds, you get 10 years to repay the withdrawals.

Build your savings with ease

Another great reason to invest in an RSP is how easy and effortless it really is. And you don’t have to contribute a large amount to start saving. For as little as $25, you can start saving for your goals. And by using automated payments you can set it and forget with ease.

Have questions?

Check out our FAQ page - full of common questions that you might have.

Start your journey of savings

The next step to setting up your RSP is to visit your local branch. Why book an appointment with an advisor at TD Canada Trust? Well, we can help you:

Figure out how much you can save comfortably
Get you set up with an automated savings program
Simplify the process and answer all of your questions

Let the saving begin! Remember, March 1, 2010 is the deadline for making contributions to your tax year. So get started on your RSP today, by visiting your local branch.

RSPs

My First RSP