An easy and affordable way to make regular RRSP contributions.
Defer your taxes
Contributions are immediately tax-deductible—the investment income you earn isn't taxed until you access the funds in your Registered Retirement Savings Plan (RRSP).
Set it. Forget it.
Have the flexibility to set up recurring contributions from your paycheque - choose from weekly, bi-weekly, semi-monthly or monthly contributions.
Keep it fee-free
There are no fees associated with the RRSP Builder Account, and you can withdraw cash whenever you need to.1
Frequently Asked Questions
Interest is calculated on the lowest daily balance, accrued monthly and paid semi-annually on June 30 and December 31.
In many cases, any withdrawals you make from your RRSP Builder Account will be taxed at your current income tax rate at the time you make the withdrawal.
However, if you participate in the federal government's Home Buyers Plan (HBP) or Lifelong Learning Plan (LLP), you can withdraw funds from your RRSP and the tax won't be withheld.
The Home Buyers' Plan is a program that allows you to withdraw up to $35,000 in a calendar year from your RRSPs to buy or build a qualifying home for yourself or for a related person with a disability.
Please explore the links above for full details and disclosures about each plan and see if you qualify.
There is a maximum to how much you can contribute each year, and that limit—called an RRSP contribution limit—is based on your annual income. Can't make your full contribution one year? No sweat. Your contribution room can be carried forward until you’re 71, when you can no longer have RRSPs, so you can contribute more money in subsequent years until then.
Yes. You can put part or all of your RRSP contributions into a plan in your spouse's or common-law partner's name. This will be referred to as a Spousal RRSP.
In the year you turn 71, your RRSP matures and you claim the income (both the principal amount and the interest earned) from your investment.
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.
Find the retirement investments that work for you.
Taxes may be withheld on funds when you cash in, make withdrawals, or receive payments from your RRSP. Under specific circumstances (if you have the HBP or LLP) you can withdraw funds from your RRSP and without taxes being withheld.
* The 2% interest rate bonus is only eligible on new deposits made into an ATB RRSP Builder Account, ATB RRSP Daily Interest Account or ATB Tax-Free Saver Account between January 15, 2020 - July 31, 2020.
New deposits that will receive the interest rate bonus are any eligible funds above the end-of-day balance on January 14, 2020 in the eligible account. (Sorry, funds deposited into an eligible account from an account closure, like redeeming an ATB GIC before it matures or closing an ATB deposit account, will not count as new deposits and will not be eligible for the 2% bonus.)
The bonus interest is calculated starting on January 15, 2020. For the ATB Tax-Free Saver Account and ATB RRSP Daily Interest Account, regular interest and bonus interest is calculated based on the daily closing balance and paid out at the end of each month starting January 2020. For the ATB RRSP Builder Account, regular interest and bonus interest is calculated based on the lowest daily balance, accrued monthly and paid out semi-annually on June 30 and December 31.
Funds not eligible for the bonus will still continue to receive the regular interest rate of that account.
Offers and rates are subject to change without notice. See current interest rates.
Tax implications may be associated with this offer. Please consult with your tax advisor about your situation.
The material on this page is for informational purposes only and should not be considered as ATB Financial offering tax, legal, financial or investment advice. ATB Financial cannot guarantee the accuracy or completeness of this page, but it is believed to be correct as of the time of publication. We recommend meeting with an ATB Financial Advisor before withdrawing funds from an RRSP.