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Glossary term
RRSP — Registered Retirement Savings Plan
Tax-deferred retirement account: contributions deduct from income, grow tax-free until withdrawal. 2026 limit: 18% of prior-year earned income, up to $33,810. Converts to RRIF by age 71.
Related terms
FHSA
Hybrid TFSA+RRSP for first home purchase. $8,000/year limit, $40,000 lifetime. Contributions deduct from inco…
RESP
Tax-deferred education savings account. Government adds CESG (20% match up to $500/year, $7,200 lifetime). $5…
CESG
Free government grant inside RESP: 20% match on contributions, $500/year max, $7,200 lifetime per child. 'Gua…
HBP
Borrow up to $60,000 from your RRSP for first home purchase tax-free. Repay over 15 years starting year 2 aft…
CCPC
Private corporation with >50% Canadian-resident ownership. Eligible for SBD — 9% federal corporate tax on fir…
MPC
Medical Professional Corporation — CCPC allowed for licensed physicians (AB, BC, ON, etc.). Same SBD benefits…
Frequently asked questions
What is the 2026 RRSP contribution limit?
18% of prior-year earned income, capped at $33,810 in 2026, minus any pension adjustment. Find your exact figure on the 'RRSP Deduction Limit' line of your Notice of Assessment.
When is the RRSP contribution deadline for a tax year?
Contributions count for a tax year if made within the first 60 days of the next year (usually by March 1). The deduction can be claimed in the current year or carried forward.
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