Registered Savings Accounts

Key Benefits:

• Contributions are tax-deductible
• Withdrawals will be tax-free if used to buy qualifying first-time home
• Maximum annual contribution: $8,000, includes contributions and RRSP transfers
• A maximum of $8,000 unused contribution room can carry forward to following year
• Maximum lifetime contribution: $40,000

Eligibility: 

• Canadian residents aged 18 of older (up to age 71) with a valid SIN, who are first-time home buyers*

Additional Details:

• At 15 years of opening plan or age 71, remaining funds not used towards a qualifying first-time home can transfer tax-free to an RRSP or RRIF.

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Key Benefits:

• Contributions are not tax-deductible
• Tax-free withdrawal
• Maximum annual contribution: $7,000 for 2025 plus any unused contribution room and the total value of withdrawals made in previous years.
• Maximum annual contribution carried forward
• Maximum lifetime contribution: Unused contribution room is accumulated and carried forward from age 18. See CRA for your specific amount

Eligibility: 

• Canadian residents aged 18 or older with a valid SIN.

Additional Details:

• Account does not need to be closed

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Key Benefits:

• Contributions are tax-deductible
• Tax-free withdrawal up to $35,000 to buy a qualifying first home, under the HBP, but must be repaid to the RRSP over a period of 15 years
• Maximum annual contribution: the lesser of 18% income earned in the previous year or the annual maximum of $32,490 in 2025 plus any used contribution room.
• Maximum annual contributions carry forward
• Maximum lifetime contribution room is calculated based on unused contribution room, the previous year’s net income, the annual RRSP limit. See CRA for your specific amount

Eligibility: 

• Canadian residents with a valid SIN who are under the age 71
• Earned income and filed a tax return in Canada

Additional Details:

• When the account closes remaining funds can roll over tax-free into a RRIF

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