Individual contributions to Registered Retirement Savings Plans (RRSP) and Registered Pension Plans (RPP) are tax deductible and not taxed until the funds are withdrawn. For RRSP and RPP plans, there is a maximum amount for what you can deposit in a given year. Tax-Free Savings Accounts (TFSA) are a government-regulated tax-free savings plan. Similar to the RRSP and RPP plans, there is a cap on the amount you can deposit per year. Deferred Pension Savings Plan (DPSP) is a savings plan whereby an employer contributes up to a certain amount (typically in the form of a percentage of your earnings). A DPSP acts like a pension at ages 60-65.
|Defined benefit plan (Limit for P.A. Calc.)||$55,900||$57,400|
|Defined contribution plan / RPP||$26,500||$27,230|
|Registered education savings plan (RESP)||$7,200||$7,200|
|Registered retirement savings plan (RRSP)||$26,230||$26,500|
|Deferred profit sharing plan (DPSP)||$13,250||$13,615|
|Tax-free savings account ($5,000/yr |