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Registered Retirement Savings Plan (RRSP)

​​An RRSP is one of the best ways to save for retirement and save on taxes at the same time.

Some people think an RRSP is an investment or something that you purchase. It's neither. An RRSP is a government-approved account specially designed to help you save money for your retirement.

Having a healthy RRSP in place means securing a retirement that includes, well, whatever you want it to. For many Canadians, an RRSP is their plan for the future.

ATB's RRSP investment products include GICs, mutual funds, stocks and bonds—and even a specially designed savings account, the Retirement Savings Builder Account.

RRSP features:

  • There is a limit to how much you can invest each year, and that limit—called an RRSP contribution limit—is based on your income.
  • Any contribution you make (up to your annual limit) is tax deductible, offering you immediate tax savings.
  • Your contribution never expires, so you can carry it forward.
  • You can put part or all of your RRSP contributions into a plan in your spouse's or common-law partner's name.
  • The interest you earn on your contributions stays in your RRSP. You don't pay tax on it until you take it out of the plan. Even though you can withdraw RRSP money whenever you like, the idea is to keep your money in the plan until you retire. In most cases, withdrawals are treated as income, which means you'll pay tax on the money when you withdraw it.
  • In the year you turn 71, you need to convert or collapse your RRSP. Don't worry about getting a big tax bill. You have a number of retirement income options that allow your retirement savings to continue to grow in a tax-sheltered environment. Only payments to you from your plan are immediately taxed. So you can spread the tax on withdrawals over your retirement years

Learn more about the difference between an RRSP and a TFSA

You may also be interested in:

Investment Loans
Borrow money to either help you make all or part of your annual RRSP contribution, or to catch up on unused RRSP contributions from past years with one of ATB's investment loan accounts.​​​​


Semi annual interest frequency is only available as simple interest and cannot be compounded. 1Rate effective January 2, 2013 and is non-redeemable. Rates are subject to change at anytime without notice. Please see branch for complete details.​​​​​​​​​​​
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