Registered Retirement Savings Plan (RRSP) in 2025: How to Maximize Your Retirement Savings
The Registered Retirement Savings Plan (RRSP) remains one of the most powerful tools available to Canadians for building long-term wealth and ensuring financial security in retirement. Designed to encourage saving for the future, an RRSP offers tax-deferred growth, immediate tax savings, and a structured way to accumulate retirement funds.
What is an RRSP?
An RRSP is a tax-advantaged investment account designed to help Canadians save for retirement. Contributions reduce your taxable income in the year they are made, and your investments grow tax-free until withdrawal.
2025 Contribution Details
2025 Contribution Limits
2025 Key Dates
Contribution Deadline
- March 3, 2025 (for 2024 tax year)
- March 2, 2026 (for 2025 tax year)
- Age 71 mandatory conversion deadline
- December 31 of year you turn 71
Tax Filing Deadlines
- April 30, 2025 (regular tax filers)
- June 15, 2025 (self-employed)
- All taxes owed due by April 30, 2025
- Claim RRSP contributions on 2024 tax return
Investment Options & Special Programs
Investment Options
- Stocks & ETFs
- Mutual Funds
- Bonds & GICs
- Cash Savings
Special Programs
- Home Buyers' Plan (up to $60,000) – see also FHSA
- Lifelong Learning Plan (up to $20,000)
- Spousal RRSP options
- RRIF conversion at 71
2025 Home Buyers' Plan Updates
- Maximum withdrawal increased to $60,000 per individual
- Couples can withdraw up to $120,000 combined
- Extended repayment relief for withdrawals between 2022-2025
- Repayment starts 5 years after withdrawal (instead of 2 years)
- Total repayment period remains 15 years
Withdrawal Rules
Withholding Tax Rates (2025)
*Québec residents are subject to provincial withholding tax as well.
Maximizing Your RRSP in 2025
Best Practices
- Set up automatic contributions
- Use RRSP loans strategically
- Reinvest your tax refund
- Consider spousal contributions
Age 71 Options
- Convert to RRIF
- Purchase annuities
- Required minimum withdrawals
- Tax-efficient planning
Need Help with Your RRSP Strategy?
At Altiora Wealth Management, we help individuals and families in Fredericton, New Brunswick, and across Atlantic Canada build personalized retirement plans. Our experts can guide you through the 2025 RRSP rules and opportunities to help you maximize your retirement savings.
Schedule a Consultation