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HSBC research shows a significant portion of Canadians are underprepared for retirement and are unsure how to build a long-term plan for their wealth.

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36%

of working age people typically save for short-term goals rather than longer term plans

38%

of working age people are paying into a retirement account each month

4%

of working age people are currently saving for future nursing/care home fees

54%

of working age people are predicting a comfortable retirement

Source: 2018 Future of Retirement report, Bridging the GAP - Cost of Aging

Retirement Tips and Tools

 

Find out how much it could take to create a comfortable retirement for yourself.

 

See how your savings could grow if you invest.

 
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Learn how to make the most of your RRSP contributions.

 

See how an RRSP loan could help jump start your retirement savings or catch up on available contribution room.

Accounts to build your retirement savings

Different types of accounts can help you better prepare for retirement. Consider the benefits of each one to decide which options may be right for you.

  • An account specifically designed for retirement savings and investments.
  • Contributions reduce your taxable income in the year they’re made.
  • Investment returns grow tax-free until the money is withdrawn, at which point all contributions, capital gains and income will be taxed, typically at a lower tax rate. Contribution limits are based on your previous year’s income or the government-set maximum. You can carry forward unused contribution limits to another year.
  • Spousal RRSPs allow a higher-earning spouse to contribute to a lower-earning spouse’s RRSP while still receiving a tax benefit.
  • You may borrow up to $35,000 for the purchase of a first home under the Home Buyer’s Plan, or up to $20,000 for education purposes.
  • RRSPs can be converted into Registered Retirement Income Funds (RRIFs) at any time but no later than December 31st of the year you turn 71, which then requires minimum withdrawals based on a prescribed formula.

 

 

Neither we nor any member of the HSBC Group provide tax advice or have responsibility for your tax obligations in any jurisdiction, even if they relate to opening and using account(s) and services we or members of the HSBC Group provide. We advise you to seek independent legal and tax advice before opening your account and making any investments. 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.

*This calculator, your use of it, and any results generated by it, are for illustrative purposes only and are not intended to provide specific financial, investment, tax, legal, accounting or other advice to you. You should not act or rely on the information provided without seeking the advice of a professional. Before you make an investment decision, we recommend that you consult with an investment professional who can help to ensure that your own circumstances have been properly considered and any action you take is based on the latest available information. Any forward looking results or projected returns presented by this calculator are only estimates and are based on assumptions that may turn out to be inaccurate or inapplicable. Actual results or returns may be materially different. The use of any historical rate of return should not be relied upon as past performance is not indicative of future performance. This is not an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. This calculator uses software under license from a third-party that is not a member of the HSBC Group.

HSBC Global Asset Management (Canada) Limited (“AMCA”) is the manager and primary investment advisor for the HSBC Mutual Funds. HSBC Investment Funds (Canada) Inc. (“HIFC”) is the principal distributor of the HSBC Mutual Funds. 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, Fund Facts, and other disclosure documents before investing. Mutual funds are not guaranteed or covered by the Canada Deposit Insurance Corporation, HSBC Bank Canada, or any other deposit insurer or financial institution.  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 the fund 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.

All products and services of HIFC and AMCA are only available for sale to residents of Canada, unless the laws of a foreign jurisdiction permit sales to its residents. Please contact your HSBC Mutual Fund Advisor for more details. The contents of this site should not be considered an offer to sell or a solicitation to buy products or services to any person in a jurisdiction where such offer or solicitation is considered unlawful. HIFC is a direct subsidiary of 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.

References to the 'HSBC Group' are references to HSBC Holdings plc its subsidiaries and affiliated companies. HSBC Holdings plc is a public limited company registered in England and Wales under Company Register Number 617987 and with its registered office at 8, Canada Square, London, England E14 5HQ.

HSBC Wealth Compass™ is a trade-mark of HSBC Group used under license by HIFC.

1 HSBC InvestDirect is a division of HSBC Securities (Canada) Inc., a wholly owned subsidiary of, but separate entity from, HSBC Bank Canada. HSBC Securities (Canada) Inc. is a member of the Canadian Investor Protection Fund. HSBC InvestDirect does not provide investment advice or recommendations regarding any investment decisions or securities transactions.