RRSP
Last Day for Contributions in 2025
March 3rd, 2025
What tax slips are received?
None, it's Tax Free
Lifetime Contribution Limit
$50,000 per Beneficiary
Lifetime Contribution Limit
$200,000
Maximum Annual & Lifetime Contributions
$8,000 & $40,000 respectively.
Minimum Age to Open RSP
There is no actual minimum age to open an RSP, it is based on earned income
Annual Contribution Limit 2025
$7,000
CESG
Canadian Education Savings Grant
20% on first $2,500 annually
Additional CESG available for low income families
Lifetime max of $7,200
CDSG
Canada Disability Savings Grant
Government will pay matching grant of 300%, 200% or 100% depending on income
Features Similar to RSP (Two Answers)
- Tax deduction on contributions
- Tax sheltered growth
Maximum LLP Withdrawal
$20,000 (Can take as much as $10,000 in a year)
Lifetime Contribution Limit 2025
$102,000
BCTESG
BC Training & Education Savings Grant
$1,200
Eligible to apply between ages 6-9
CDSB
Canadian Disability Savings Bond
$1,000 each year, up to $20,000
Eligibility dependent on income
Number of years the Plan can be open
15
Maximum Withdrawal for Home Buyer's Plan
$60,000 per person (updated April 16th, 2024, from $35,000)
Penalty for Over Contribution
1% per month of excess contribution
Who Pays Taxes on Withdrawals
The Beneficiary
Maximum Government Grants & Bonds Receivable
$90,000
Tax Free Withdrawals
Funds are withdrawn tax free when used to buy a house within one year of withdrawal
*Can be transferred directly to your RSP without tax consequence or deduction if no longer buying a house.
Maximum Allowable Over Contribution
$2,000
Year TFSAs Created
2009
AIP
Accumulated Income Payment (Taxable withdrawal of income if not going to school)
Age Contributions Cease
59 (Government matching ends at age 49)
Contribution Carry Forward Amount
$8,000 - One year of missed contributions