Who’s eligible?

• Canadian residents aged 18+

• Has Social Insurance Number (SIN)

• Canadian residents aged 18 to 71

• Has SIN

• Has not owned a home in current calendar year, or in the previous four calendar years

• Canadian residents under age 71

• Has SIN

• Has earned income

• Has filed a tax return in Canada

Contributions can be deducted from income

No

Yes

Yes

Do withdrawals have to be paid back?

Yes

Yes

No - for general withdrawals
Yes - if withdrawing to use the funds for the Home Buyers Plan or Lifelong Learning Plan, per repayment rules.

Tax-free withdrawals

Yes

Yes

No, except if withdrawing for the Lifelong Learning Plan or Home Buyers Plan and repaid on schedule.

Tax implications on the account

• Not a tax-deductible account

• Income made is tax-free

• Money not taxed when withdrawn

• Withdrawals not taxed if used to purchase your first home.

• Tax-deductible contributions

• Income made is tax-free.

• Money not taxed until withdrawn

• Contributions are tax deductible

• Tax-sheltered income

When can you withdraw your $

Anytime

• Once you’ve signed a contract to purchase a home (Tax-free)

• Residing in the home you made initial withdrawal from within a year of purchasing or constructing the home.

• Technically, anytime but it will be taxable; withdrawal rules vary based on the type of RRSP

• In the year you’re turning 71, you must cash out the RRSP or convert to a RRIF or LIF

Contribution limits

Limits change yearly, in 2024 max contribution is $7K

Annual Contribution Limit - $8K
Lifetime contribution limit - $40K

18% of your annual income up to a limit. 2024 limit is $31,560 (changes)

Annual contribution deadline*

December 31^st

December 31^st

60 days after December 31^st