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 |
Before opening multiple accounts, check your RRSP contribution room so you do not over-contribute across institutions.
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 |
If you want a portfolio framework instead of picking funds manually, use our guide to ETFs and index funds for Canadian investors.
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 |
For most households, the better emergency-fund vehicle is still the TFSA because withdrawals do not permanently destroy contribution room.
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.
If you are still comparing platform types, the broader online brokers hub is a useful cross-check before opening an RRSP.
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 |
~$33,810 |
| 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 |