RSPs
We offer a number of great RSP options to help you with your retirement planning.
Retirement Savings Questions
Understanding your RSP/RRSP options
What is an RSP?
RSP stands for Retirement Savings Plan, also known as a Registered Retirement Savings Plan or RRSP.
The Federal Government created RSPs to encourage Canadians to put away money for retirement.
Your RSP contributions are tax deductible, which means you can claim them when you file your income taxes to help reduce your taxable income. That could lead to a refund at tax time.
Interest or earnings in your RSP are tax-deferred – meaning those earnings are not taxed until you withdraw, ideally when you retire. At that point, your tax bracket will likely be lower, so the money will probably be taxed at a lower rate.
Choose from these Tangerine RSP Account options
RSP Investment Fund Account
Tax-deferred growth while you invest for your retirement. What's not to love?
RSP Guaranteed Investment
Save for retirement with a guaranteed interest rate over a fixed term.
RSP Savings Account
Enjoy the money-saving features of a Tangerine Savings Account with the added tax benefits of an RSP.
‡Some conditions apply. †Rates subject to change.
RSP contribution facts and strategies
Your RSP can hold different types of assets , including GICs, mutual funds, stocks, bonds and even savings accounts.
Consider setting up an RSP Automatic Savings Program to automate your contributions.
A Tangerine Savings Account comes with tools to make it super simple to reach your goals.
If you're a first-time homebuyer, you may qualify to withdraw up to $60,000 tax-free from your RSP and use the funds towards the purchase of your home as part of the federal Home Buyer's Plan incentive. You then have 15 years to repay the withdrawn amount.
The Lifelong Learning Plan allows you to withdraw up to $20,000 for full-time training or education for yourself, or a spouse/common-law partner. You then have 10 years to repay the withdrawn amount.
RSP vs TFSA
Which one should you choose? Compare the key differences
Not sure whether to put your money in an RSP or a TFSA – or both? This chart helps explain the key differences. Read the full article for more info.
RSP
Retirement Savings Plan
TFSA
Tax-Free Savings Account
Still unsure which account is right for you?
Get Personalized Advice
How much can I contribute to my RSP? Here's how to check
The easiest way to check your RSP deduction limit and available contribution room is by logging into the Canada Revenue Agency's My Account for Individuals and find your Notice of Assessment (NOA).
Savings Account FAQs
Quick answers to your most common questions
To open a Savings Account online or in our app, you'll need to start by becoming a Client. We'll need your email address, your full name, your date of birth, and your Canadian address. You'll also need to enter your Social Insurance Number (SIN) if you're opening an interest-earning Account, such as a Savings Account.
Here are the main differences between a Tangerine Chequing Account and Savings Account:
Chequing Account
- Convenient for day-to-day transactions like shopping, paying bills, withdrawing cash and sending money to a friend
- Designed to make it easy to access your cash
Savings Account
- Competitive interest rate helps you save money faster
- Keeping your savings "out of sight" in a separate account from your daily activity can make it easier to avoid spending that money
- Can have multiple savings accounts to save for different goals
- Funds are accessible, making them a good option for things like emergency funds
Setting up an Automated Savings Program (ASP) is easy.
Set up online at Tangerine.ca:
- Log in and scroll down to 'Money Management Tools' and click 'Automatic Savings Program'.
- Click 'Start ASP' and follow the prompts
- And remember, you can always go in and make changes to your automatic transfer amount, skip scheduled transactions or cancel your ASP
Set up with the Mobile Banking app:
- In the app, hit 'More' on the bottom of your screen and then hit 'Automatic Transfers' and follow the prompts
