We offer a number of great RSP options to help you with your retirement planning.
Tax deferred growth while you invest for your retirement. What's not to love?
Save for retirement with guaranteed high interest.
Interest rate
Enjoy all the money-saving advantages of our Savings Account with the added tax benefits of an RSP.
Interest rate
Got questions? We’ve got answers.
An RSP (Retirement Savings Plan), also called an RRSP, is a federally registered tax-deferral plan designed to encourage Canadians to save for their retirement. Funds and interest or other earnings are tax-sheltered for as long as they stay in the plan.
Tangerine provides RSP Savings Accounts, and RSP GICs and RSP Investment Funds. Investment Funds are offered by Tangerine Investment Funds Limited, a wholly-owned subsidiary of Tangerine Bank.
March 3, 2025 is the deadline for contributing to your RSP for the 2024 calendar year.
In any given year, RSP contributions that are made within the first 60 days of the calendar year can be deducted on the previous year's tax filing.
Your Tangerine RSP has no fees while you’re saving with us. If at some point you decide to transfer your funds to another financial institution, a $50 fee will apply.
There are two ways you can do this:
Option 1
Option 2
Withdrawals from your RSP are treated as taxable income for that year and are subject to a withholding tax, which range as follows:
| Withdrawal amounts | Outside Quebec | Quebec |
|---|---|---|
| $0 - $5,000 | 10% | 19% |
| $5,001 - $15,000 | 20% | 24% |
| $15,001 + | 30% | 29% |
RSP withdrawal withholding tax for Non-Residents is 25%
Yes, you can elect to have more than the designated amount of withholding tax kept back when making an RSP withdrawal. For example, an Ontario resident making a withdrawal of $4,000 could choose to have 20% withdrawn instead of the 10% required by the Canada Revenue Agency (CRA).
The major difference between the two savings products is that you cannot contribute to a RIF as you did into your RSP. Instead, the money you've been contributing into your RSP is transferred to a RIF to be used as income in the year you turn 71. The year after you turn 71, you will begin to receive RIF Payment Amounts, which will be taxed by the government as income. You can withdraw as much or as little as you'd like on top of the annual minimum required by the Canada Revenue Agency (CRA), yet, these amount are subject to withholding taxes. However, you'll have the flexibility of accessing your retirement funds when you need a little extra every now and then.
† Savings Account, Chequing Account, and GIC interest rates expressed on this website are annual interest rates and are current as of today's date. Interest rates are subject to change without notice. Interest is calculated daily and paid monthly on our Savings and Chequing Accounts. GIC terms of one year or longer have interest calculated on the basis of 365/366 days and compounded and/or paid annually. GIC terms of less than one year have interest calculated on the basis of 365/366 and paid at maturity.
‡ Registered Accounts have no fees while your funds are with us. If at some point you decide to transfer your funds to another financial institution, a fee will apply. View the complete list of Account fees.
