04/26/2025
Continuing our RRSP FAQs series for all your burning questions. Read on 👇
Q. How much can I contribute to my RRSP?
A. Your contribution limit is generally 18% of your previous year's earned income, up to a specific annual maximum.
Q: What happens if I over-contribute?
A: Over-contributions are subject to penalties, so it's crucial to stay within your contribution limit.
Q: What can I invest in within my RRSP?
A: You can invest in a variety of assets, including stocks, bonds, mutual funds, ETFs, and GICs.
Q: What is the Home Buyers' Plan (HBP)?
A: The HBP allows you to withdraw up to $35,000 from your RRSP tax-free to buy your first home, provided you meet certain conditions.
Q: What is the Lifelong Learning Plan (LLP)?
A: The LLP allows you to withdraw funds from your RRSP to finance your or your spouse's education.
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