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Save for retirement with an RRSP.

An RRSP helps you save for retirement with tax-derring benefits and tax-sheltered interest. You contribute to it during your working years and withdraw from it in retirement.

Why invest in RRSP?

Save on taxes now.

Contributions are deducted from your gross income, potentially lowering the tax you pay on your income today.

Earn interest, tax-free.

Earnings are tax sheltered so they will grown even faster than a non-RRSP investment.

Set yourself up for retirement.

At retirement, you can convert your RRSP into RRIF for a regular, predictable income. Use our Retirement Planner Calculator to determine how you're doing towards your goals.

Build your RRSP

Your RRSP can hold cash and investments like Guaranteed Investment Certificates (GICSs) and mutual funds to help you get the most from your retirement savings.

RRSP FAQs

There are two main reasons:
  • You are eligible for a tax refund based on your contribution and the tax rate you pay. Getting your own money back might help you start on other goals like paying off debt or investing in a child's education.
  • Age is on your side, so the sooner you start, the better. You have many years to accumulate compound interest, and your earnings are tax sheltered so they will grow even faster than a non-RRSP investment.
As much or as little as you can afford. Some RRSPs have a minimum contribution of $1,000 which equates to about $20 a week. You could have $50 automatically deducted from your pay cheque and watch it build to $1,300 in a year. The sooner you start, the more time you'll have compound interest working for you.
Depending on what type of investments you hold your money is not always locked in, however, if you take it out, you will have to pay the tax on the portion withdrawn. There are some instances where you can take the money out tax free, up to $25,000 for first-time home buyers or $10,000 a year for people who want to continue their education, for example. Please speak to a financial representative for complete details.
There are numerous RRSP investment options. If you are not sure what is best for you and you do not have the time to explore your options with us today the Park-it RRSP is a flexible and easy-to-use option for a temporary solution. We will make sure we contact you to help find the right, longer term, product that is right for you. Find out more information on the Park-it and other products.
How much you will need to save for retirement is as unique as you are. If you’re ready to begin planning for your retirement, Coast Capital Savings can help. Contact us to talk to someone who can help you figure out what to do now in order to live the life you want later. They’ll tell you everything you need to know in simple, helpful language.
To open an RRSP with Coast Capital Savings, you'll need to set up an appointment to visit a nearby branch.
Yes. If you already have an RRSP contract at Coast Capital Savings, you can transfer funds from your chequing or savings account to make an RRSP contribution in Coast Online Banking.
No, but please contact us so we can help you with this request by phone.
No, but please contact us so we can help you with this request by phone.
No, but please contact us so we can help you with this request by phone.
No. Please visit a nearby Coast Capital Savings branch to withdraw money from your RRSP. We're sure you wanted to see our smiling faces in person anyway.

The great debate: TFSA vs. RRSP

What are your investing needs?
TFSA
RRSP
Do contributions reduce your taxable income?
No
Yes
Are these funds subject to income tax when withdrawn?
No
Yes
Is interest earned on these investments tax sheltered?
Yes
Yes
Can these funds be withdrawn anytime, for any reason, without being taxed?
Yes
No

Try out our TFSA vs. RRSP calculator

Both products are government incentives. Both have benefits and both have drawbacks. At the end of the day, it all depends on you, your circumstances and your goals. If you want to explore your options, check out our TFSA vs. RRSP calculator.

Try out our TFSA vs. RRSP calculator

Both products are government incentives. Both have benefits and both have drawbacks. At the end of the day, it all depends on you, your circumstances and your goals. If you want to explore your options, check out our TFSA vs. RRSP calculator.
Try our calculator
Try our calculator
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CDIC Deposit ProtectionCDIC Deposit Protection

Coast Capital Savings Federal Credit Union is a member of the Canada Deposit Insurance Corporation (CDIC). More CDIC information

Coast Capital Savings Federal Credit Union provides advice and service related to deposit, loan and mortgage products. Coast Capital Wealth Management Ltd. provides investment and financial planning services. Coast Capital Financial Management Ltd. provides advice and service related to segregated funds, annuities and life insurance products. Worldsource Financial Management Inc. provides advice and service relating to mutual funds. Mutual fund values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses may all be related with mutual fund investments. Important information about mutual funds is contained in the relevant fund facts and simplified prospectus. Please read the fund facts and simplified prospectus. Please read the fund fact carefully before investing.

The information on this page provided for general information purposes only. It is not to be relied upon as financial, tax, or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. You should consult your professional advisor for specific financial, investment, and tax advice tailored to your needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.