A Registered Retirement Savings Plan (RRSP) is an account, registered with the federal government that is generally used to save for retirement. You can hold a variety of investments in an RRSP, and how your savings grow depend on the type of investments you are holding and their growth rates. Learn more about RRSPs.
The RRSP Savings Calculator on GetSmarterAboutMoney.ca can provide you with an estimation of the income your RRSP may generate in retirement, based on your current RRSP balance, additional contributions, expected rate of return and the number of years you will need income in retirement.
Speak to a registered financial advisor to learn more about planning for retirement, and determining how you may be able to reach your retirement savings needs and retirement lifestyle goals using an RRSP, and/or other savings options.