Types of RRSP Accounts
Choose Based on Your Goals
| RRSP Type | Best For | Fees |
|---|---|---|
| Brokerage | DIY investing | $0-10/trade |
| Robo-advisor | Hands-off investing | 0.25-0.50% |
| Bank mutual funds | Convenience | 1-2%+ |
| Savings/GIC | Conservative | $0 |
Best RRSP Brokerages
For DIY Investors
| Brokerage | Trade Fee | Account Fee | Best For |
|---|---|---|---|
| Wealthsimple Trade | $0 | $0 | Beginners |
| Questrade | $0 ETF buys | $0 | Intermediate |
| TD Direct Investing | $9.99 | $25/qtr* | TD customers |
| RBC Direct Investing | $9.99 | $25/qtr* | RBC customers |
*Usually waived with $15K-25K+ balance
Wealthsimple Trade RRSP
| Feature | Details |
|---|---|
| Trading commission | $0 |
| Account fee | $0 |
| Minimum | $0 |
| Fractional shares | Yes |
| Auto-deposit | Yes |
| Mobile app | Excellent |
Best for: Commission-free investing, beginners, any account size.
Questrade RRSP
| Feature | Details |
|---|---|
| ETF buys | $0 |
| Stock trades | $4.95-$9.95 |
| Account fee | $0 |
| Minimum | $0 |
| Features | Advanced tools |
Best for: ETF investors who want more trading tools.
What to Buy in RRSP
| Investment | Example |
|---|---|
| All-in-one ETF | VGRO, XGRO, XEQT |
| Bond ETFs | VAB, ZAG |
| Dividend ETFs | VDY, XDV |
Best RRSP Robo-Advisors
Hands-Off Investing
| Provider | Management Fee | Min | Features |
|---|---|---|---|
| Wealthsimple Invest | 0.50% ($0-100K) | $0 | Best app |
| 0.40% ($100K+) | Tax-loss harvesting | ||
| Questwealth | 0.25% | $1,000 | Lowest fee |
| CI Direct Investing | 0.35% | $0 | Good features |
Wealthsimple Invest RRSP
| Feature | Details |
|---|---|
| Fee | 0.50% (or 0.40% $100K+) |
| Minimum | $0 |
| Rebalancing | Automatic |
| Tax-loss harvesting | Yes |
| Round-ups | Yes |
Best for: Completely hands-off, excellent app.
Questwealth RRSP
| Feature | Details |
|---|---|
| Fee | 0.25% |
| Minimum | $1,000 |
| Rebalancing | Automatic |
| Lower fee | Better for larger accounts |
Best for: Lower management fees.
Best RRSP Savings & GICs
For Conservative Investors
| Provider | Savings Rate | 1-Year GIC |
|---|---|---|
| EQ Bank | 2.75%+ | 4.00%+ |
| Oaken | 3.25%+ | 4.25%+ |
| Tangerine | Promo varies | 3.50%+ |
| Big banks | 0.01-1% | 2.50%+ |
When RRSP Savings/GICs Make Sense
| Situation | Good Choice |
|---|---|
| Near retirement | Yes |
| Very risk averse | Yes |
| Long time horizon | No (invest instead) |
| Emergency backup | TFSA better |
Best Bank RRSP Options
TD e-Series RRSP
| Feature | Details |
|---|---|
| MER | 0.33-0.50% |
| Minimum | $100 initial |
| Type | Index mutual funds |
| Best for | Simple, low-cost |
Best for: Bank customers who want index funds without a brokerage.
Tangerine RRSP
| Feature | Details |
|---|---|
| MER | ~1.07% |
| Minimum | $0 |
| Type | Portfolio funds |
| Portfolios | Conservative to growth |
Best for: Simple all-in-one, no decisions.
Fee Comparison
Impact Over 30 Years ($500/month at 7%)
| Fee | Ending Balance | Lost to Fees |
|---|---|---|
| 0.00% (impossible) | $610,000 | $0 |
| 0.20% (ETFs) | $585,000 | $25,000 |
| 0.50% (robo) | $550,000 | $60,000 |
| 2.00% (mutual funds) | $415,000 | $195,000 |
Lower fees = significantly more retirement money.
What’s Best for Your Situation
Decision Guide
| Profile | Best RRSP |
|---|---|
| Beginner, any amount | Wealthsimple Invest or Trade |
| DIY investor | Questrade |
| Want lowest fees | Questrade + ETFs |
| Hands-off | Wealthsimple Invest |
| Conservative | GICs at EQ Bank |
| Bank loyalty | TD e-Series |
RRSP vs Other Options
Should You Use RRSP?
| Your Situation | RRSP Good? |
|---|---|
| Income under $50K | TFSA first |
| Income $50K-$100K | Both |
| Income $100K+ | RRSP priority |
| Employer match | Always (free money) |
| Buying first home | RRSP for HBP |
RRSP Contribution Basics
Limits
| Factor | Amount |
|---|---|
| 2026 maximum | ~$31,560 |
| Your limit | 18% of previous year income |
| Unused room | Carries forward |
| Deadline | March 1 for previous year |
Finding Your Room
| Method | How |
|---|---|
| CRA My Account | Online |
| Notice of Assessment | From previous tax return |
| Call CRA | 1-800-959-8281 |
Employer RRSP Matching
Always Maximize Match
| If Employer Matches | Action |
|---|---|
| 50% up to 4% | Contribute at least 4% |
| $1 for $1 up to 3% | Contribute at least 3% |
Example: 50% match on 4% = instant 50% return (free money).
Home Buyers’ Plan
Using RRSP for First Home
| Feature | Details |
|---|---|
| Maximum withdrawal | $60,000 |
| Tax | None if repaid |
| Repayment period | 15 years |
| Minimum annual | 1/15 of amount |
Opening an RRSP
What You Need
| Requirement | Details |
|---|---|
| SIN | Required |
| Age | Under 71 |
| Canadian resident | Yes |
| Contribution room | Check first |
Typical Process
| Step | Time |
|---|---|
| Open account online | 15 minutes |
| Verify identity | 1-3 days |
| Fund account | Instant or 1-2 days |
| Start investing | Immediately |