Your RRSP contribution limit is 18% of your previous year’s earned income, up to the annual maximum set by the Canada Revenue Agency (CRA). From that amount, subtract any pension adjustments, and add any unused contribution room from prior years.

To find your exact limit, check your Notice of Assessment from the federal government or log into your Canada Revenue Agency (CRA) account.

It depends on your marginal tax rate, because RRSP contributions reduce your taxable income. For example, if your marginal tax rate is 35%, a $10,000 contribution could generate about $3,500 in tax savings. The exact amount varies based on your income, province, and other deductions.

Great question! The truth is, it’s not just banks that offer RRSPs. Insurance companies and other financial institutions do too—and they often bring extra benefits. For example, iA Financial Group offers RRSPs along with a full range of savings and investment options, like segregated funds, an investment vehicle which combines simplicity, protection and growth.

Not to forget complementary products such as life and disability insurance to help protect your financial future. So, when you're deciding where to open your RRSP, don't just look at rates and fees. Think about the bigger picture—services, advice, and protection that can help you reach your long-term goals.

One of the biggest mistakes is going into retirement without a clear plan. It’s not just about saving money—it’s about making sure your plan fits your life and your goals. From choosing the right savings vehicles to planning how you’ll withdraw funds and even how you’ll transfer wealth later on, every step matters.

That’s why working with a financial advisor can make a huge difference. You deserve a retirement plan that matches your ambitions but also your reality. With the right guidance, every decision can be thought through, planned, and adapted to you.