Registered Retirement Savings Plan (RRSP)

Grow your savings and pay less tax.

  • What's an RRSP?

    If you're looking to lower your income-tax bill, saving to buy your first home, planning to pay for education, or building your retirement nest egg, a registered retirement savings plan (RRSP) can help you get there faster.

    An RRSP not only keeps more money in your pocket today by lowering your current income-tax bill, but your RRSP savings grow faster because you only pay tax when you take the money out. Some programs, such as the Home Buyers' Plan, even allow tax-free withdrawals, provided you repay the money within a certain timeframe.

    Unlike RRSPs you'd find elsewhere, a group RRSP can save you even more with easy payroll contributions, which give you an immediate tax break, competitive fees on your savings, and, in some cases, company matching programs.

  • When is the RRSP contribution deadline?

    You can contribute to your RRSP at any time, but to lower your income tax for the 2021 tax year, make contributions no later than March 1, 2022.

Make your money go further, faster—RRSP benefits

When you contribute to your RRSP, you benefit now—and in the future. It's a win-win! Plus, saving in a Manulife group RRSP means you enjoy competitive fees, a wide range of investment options, and the guidance and support of Manulife specialists.

  • Lower your taxes today

    Every dollar you add to your own RRSP (or spousal RRSP) lowers your taxable income, so you pay less tax.

  • Invest for tomorrow

    There are many ways to help your group RRSP savings grow, including having access to a wide range of investment funds you might not get elsewhere.

  • Grow your money and defer taxes, too!

    Savings inside an RRSP can grow faster because you only pay tax when you take the money out. Until then, they benefit from tax-deferred growth.

How RRSPs work

For most Canadians, having an RRSP is one of the best ways to save for retirement. Here's what you need to know about how they work and how you benefit.

  • How much can I contribute to my RRSP?

    There is a limit to how much you can contribute to your RRSP each year. Check your most recent notice of assessment from the Canada Revenue Agency (CRA) to confirm your maximum contribution limit. You can also view your deduction limit online when you register for CRA's My Account.

    Your contribution room for the current year includes:

    • Any unused contribution room carried forward from previous years
    • 18% of your previous year's earned income up to the maximum contribution limit for the current tax year (For 2021, the maximum contribution limit is $27,830) 

    Note: Any deposits you and/or your employer make into a pension plan will reduce your RRSP contribution room. Always check your personal contribution limit.

  • When is the RRSP contribution deadline?

    You can contribute to your RRSP ate any time, but to lower your income tax for the 2021 tax year, make contributions no later than March 1, 2022.

  • How do I contribute to my RRSP?

    You can make a one-time, lump-sum deposit or regular, automatic transfers to an individual RRSP. If you belong to a company-sponsored group RRSP, contributions are usually made directly from your employer's payroll.

    It's easy to set up an RRSP online. To get started, simply sign in to your account. Need help? For more information and instructions on how to start saving in your RRSP, visit our FAQs.

  • Contribute to your
    RRSP today!

    Sign in
  • Haven't signed up your Manulife group RRSP account yet?

    Join now
  • Need help?

    Check our support page to learn how to put money in your plan.

    Our support page can also help you:

    • Change your funds
    • Update your personal information
    • Join your program (including your RRSP and maybe other plans too!)
    Visit our FAQs

Group RRSPs vs. individual RRSPs

A group RRSP is a company-sponsored plan that employees may join. It's similar to an individual RRSP, but a group RRSP has several key advantages to help you save more.

  • What are the advantages of a group RRSP?

    A group RRSP allows for regular, automatic contributions from your paycheque, giving you an immediate tax break. Each dollar you contribute to an RRSP lowers your taxable income by the same amount. Group RRSPs usually offer more competitive fees than individual RRSPs so your savings can grow faster.

Why save in a group RRSP?

 

Manulife group RRSP

Individual RRSP

Allows you to save while lowering your income-tax bill

Yes

Yes

More competitive account fees

Yes

No

Ability to contribute through payroll deductions

Yes

No

Employer contribution matching program (if available)

Yes

No

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RRSP FAQs

A group RRSP is an employer-sponsored plan that allows eligible employees to contribute to their retirement savings while benefiting from more competitive management fees. If available, automatic and recurring payroll contributions make saving easier and give an immediate tax break.

Manulife provides tax receipts for any contributions made to the plan. You get two receipts: one for the first 60 days of the calendar year and another for the remainder of the year.

Visit our tax receipts and slips page for more information. 

The major difference between RRSPs and tax-free savings accounts (TFSAs) is how they shelter your money from tax: RRSP contributions are tax deductible, meaning you reduce the amount of money you have to pay taxes on, which doesn’t happen for money you put in a TFSA. However, withdrawals from an RRSP will be taxed at your annual marginal tax rate, while withdrawals from a TFSA aren't taxed.

Like any RRSP, members can make Home Buyers' Plan withdrawals from their Manulife group RRSP. The only exception would be if your employer puts a restriction on withdrawals while you're employed. Most employers—but not all—will remove restrictions stopping withdrawal under the Home Buyers' and Lifelong Learning Plans. Refer to your member booklet or enrolment materials for more information on the details of your plan.

Yes, RRSP contributions are tax deductible for income-tax purposes. The money you put into your RRSP can be deducted from your taxable income, which may reduce the amount of tax you have to pay. You get an immediate tax break when you set up automatic payroll RRSP deductions.

Manulife offers several types of RRSPs, depending on your needs. Our group RRSP allows employees to contribute easily with payroll deductions through your employer-provided plan. We also offer a personal plan for members transitioning from a group plan, and a spousal RRSP, which allows spouses to contribute and offers the opportunity for income splitting when withdrawals occur.

An RRSP has many different options for investing. Members of Manulife group plans can choose their own investment style and fund allocations for their RRSPs. 

Should you contribute more to your RRSP than your maximum allowable amount for the year, there is a lifetime $2,000 allowance before a penalty occurs, but usually, you'll have to pay a 1% tax per month on overcontributions that exceed your contribution limit by more than $2,000. Always check your annual contribution limit on your notice of assessment or online at CRA's My Account.

If you overcontribute to your RRSP, you can withdraw the excess contribution tax free during the same or following year.

If you don’t fully contribute to your RRSP in a year, the remaining amount is carried forward.

You have until you’re 71 years old to contribute to an RRSP. You can continue to contribute until December 31 on the year of your 71st birthday.