An investment in your future - with advantages today
A Registered Retirement Savings Plan (RRSP) is a government-recognized, tax-sheltered account you can use to build your retirement savings. It can hold a variety of assets, including mutual funds, GICs, bonds, stocks and cash. RRSPs are also available as spousal plans, locked-in accounts and payroll savings options.
Any money you put into your RRSP reduces your taxable income. You usually don’t have to pay tax on your RRSP contribution or any gains you earn until you withdraw funds – typically when you are retired and may be in a lower tax bracket. At that point, you would convert your RRSP into a Registered Retirement Income Fund (RRIF) or Life Income Fund (LIF).
Benefits and features
Pay less income tax
Your contribution is deducted directly from your current income, giving you immediate tax savings.
Build your wealth faster
When you contribute regularly throughout the year, you take advantage of the power of compounding. And since income earned within your RRSP is not taxed, your investment can grow even faster.
Defer your taxes to a lower rate
When you withdraw money from your RRSP, usually when you’re retired, your income is typically lower and therefore you may pay tax at a lower rate.
Contribute before the deadline
Don’t wait until the annual RRSP contribution deadline. Add money as early as possible and take advantage of the extra time for your investments to grow, tax-free.
Maximize your RRSP contributions
You can maximize your contribution based on the amount shown on your previous year’s Notice of Assessment. You’ll get the maximum tax deduction now and have a bigger nest egg at retirement. If you haven’t maximised your contributions and have more room available, you can catch up using an RRSP Loan.**
Contribute automatically and regularly
You can make a lump-sum contribution before the deadline, but it makes more sense to start a regular investment plan. Your investments will have more time to grow and you won’t have to worry about timing the market or meeting deadlines.
Set up a spousal RRSP
Spousal RRSPs can be beneficial if you are the higher-income spouse and contribute to an RRSP for the lower-income spouse. You can contribute to their RRSP and have the amount deducted from your income. In retirement, your spouse can withdraw funds – splitting the income more equally between you and your spouse, and potentially helping you pay less income tax as a couple.
Open a locked-in retirement account
If you no longer contribute to your defined benefit or defined contribution pension plan, you may be able to transfer those assets to a locked-in retirement account (LIRA or LRSP). Similar to an RRSP, money in a locked-in account can be invested and withdrawn in retirement.
Borrow from your RRSP to buy a home
The Home Buyer’s Plan (HBP) is a program that allows eligible RRSP holders to withdraw up to $35,000 from their RRSP in a calendar year to buy or build a qualifying home.
Borrow from your RRSP to pay for education
Register for the Lifelong Learning Plan (LLP) and be eligible to withdraw up to $10,000 from your RRSP in a calendar year to finance full-time training or education for you, your spouse or common-law partner.
Avoid taking money out of your RRSP until retirement
You can withdraw money from your RRSP at any time, but apart from the Home Buyer’s Plan and Lifelong Learning Plan, all withdrawals are considered taxable income and withholding taxes may be charged.
Build the RRSP that’s right for you
No matter your retirement needs, HSBC offers a wide range of RRSP-eligible options to help achieve your goals.
Considered a popular investment option for RRSP accounts: choose from our unique line up of funds, including one of the largest selection of emerging markets funds in Canada and funds focused on income and dividends.
Benefit from broad diversification across asset classes and markets with the expertise of global portfolio managers who make the day-to-day investment decisions for you.
Select and manage your own RRSP investments with HSBC InvestDirect.2 Access a wide variety of securities from major international markets and pay low trading commissions.
An exclusive, full-service solution that gives your portfolio specialized attention from HSBC's worldwide network of research analysts and money managers when you invest $1 million or more.
How to apply
You must have a valid Social Insurance Number (SIN) to apply for an RRSP account.
You may contribute up to your RRSP deduction limit. Contributions can be made until December 31 of the year you turn 71 or to a spousal RRSP until December 31 of the year that your spouse or common-law partner turns 71.
Open a new RRSP
Open a new Mutual Funds account online through HSBC Wealth Compass™
Open a new Savings account, fixed Term Deposit, Ascending Rate GIC, or speak to a representative in branch about other investment options.
or call 1-888-310-4722
Open a new Self-Directed account with HSBC InvestDirect
Already have an RRSP account with HSBC?
Contribute to your existing HSBC RRSP savings or fixed Term Deposit account
Contribute to your mutual fund account online through HSBC Wealth Compass™
Apply for an HSBC RRSP Loan
An RRSP Loan is a great way to maximize your RRSP if you haven't reached your contribution limit. Proceeds can be invested in a wide range of options, including mutual funds and GICs.
Neither HIFC, HSBC nor any member of the HSBC Group provides tax advice. This web page is for information purposes only and is not intended to provide specific financial, legal, tax, investment or other advice, and should not be relied upon in that regard. You should not act or rely on the information without seeking the advice of a professional. Please consult your tax advisor to find out which strategies best suit your tax situation. Registered plans for individuals are subject to specific limits, tax implications and restrictions which can be found on the CRA Savings and pension plans webpage. You are responsible for fulfilling your tax obligations in any jurisdiction, even if those obligations relate to opening or using accounts and services offered or provided by HIFC, HSBC or members of HSBC Group. HSBC Group means HSBC Holdings plc, its affiliates, subsidiaries, associated entities, and their branches and offices, together or individually.
* The Digital Banker award recognises and celebrates the world's preeminent Financial Services Organisations that are pioneering unrivalled standards and capabilities in their respective fields.
** Using borrowed money to finance the purchase of securities involves greater risk than a purchase using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines.
1 HSBC Investment Funds (Canada) Inc. (“HIFC”) is a direct subsidiary of HSBC Global Asset Management (Canada) Limited (“AMCA”) and an indirect subsidiary of HSBC Bank Canada, and provides its services in all provinces of Canada except Prince Edward Island. AMCA is a wholly owned subsidiary of, but separate entity from, HSBC Bank Canada.
AMCA is the manager and primary investment advisor for the HSBC Mutual Funds. HIFC is the principal distributor of the HSBC Mutual Funds and offers the HSBC Pooled Funds through the HSBC World Selection Portfolio service. HSBC Mutual Funds are also distributed through authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus and Fund Facts before investing. Mutual funds are not guaranteed or covered by the Canada Deposit Insurance Corporation, HSBC Bank Canada, or any other deposit insurer. The net asset values of all mutual funds, including the HSBC Mutual Funds, change frequently and any past performance may not be repeated. For money market funds, there can be no assurances that such funds will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you.
HSBC Wealth Compass™ is a trademark of HSBC Group Management Services Limited. HSBC Wealth Compass™ is an online service offered by HIFC which allows clients to discover their investor profile, receive a personalized investment recommendation and apply to start investing in mutual funds.
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2 HSBC InvestDirect is a division of HSBC Securities (Canada) Inc., a wholly owned subsidiary of, but separate entity from, HSBC Bank Canada. Member – Canadian Investor Protection Fund. HSBC InvestDirect does not provide investment advice or recommendations regarding any investment decisions or securities transactions.
3 The Private Investment Counsel service is a discretionary portfolio management service offered by HSBC Private Investment Counsel (Canada) Inc. (HPIC) Under this discretionary service, assets of participating clients will be invested by HPIC or its delegated portfolio manager, HSBC Global Asset Management (Canada) Limited (AMCA), in securities, including but not limited to, stocks, bonds, mutual funds, pooled funds and derivatives. Commissions, management fees, custodial fees and expenses all may be associated with the use of the Private Investment Counsel service. Neither the Private Investment Counsel service nor any of the securities purchased as part of the Private Investment Counsel service are guaranteed or covered by the Canada Deposit Insurance Corporation, HSBC Bank Canada, or any other investor protection fund or deposit insurer. The value of an investment in or purchased as part of the Private Investment Counsel service may change frequently and past performance may not be repeated. HPIC is a wholly owned subsidiary of, but separate legal entity from, HSBC Bank Canada and provides its services in all provinces of Canada, except Prince Edward Island. AMCA is a wholly owned subsidiary of, but separate entity from, HSBC Bank Canada.
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