If you’re saving for retirement and want to lock in growth and get the tax-deferral benefits of RSPs, then an RSP GIC is a great investment to consider—and EQ Bank offers some of the highest rates in the market.
If you’re already an EQ Bank customer, you can open an RSP account from your web browser or mobile app in just a few simple steps—and then buy an RSP GIC in seconds. Sign in
Make the most of your RSP contributions
Whether you make regular RSP contributions or prefer to invest annually, the RSP Savings Account is a great way to save on taxes (contributions are tax deductible) and earn 3.00% interest* with a range of other benefits—including zero fees, no phone calls, and no lining up at a branch.
An RSP comes with some solid tax advantages. First, you get to deduct what you contribute from your taxable income that year. And what’s more? You won’t pay tax when you earn interest. You will be taxed when you withdraw at retirement—but
by then, you’ll likely be in a lower tax bracket.
Get the answers
What are the benefits of an RSP?
Any money you contribute to an RSP is tax-deductible, meaning the amount you contribute can be deducted from your income, which means you pay less in income taxes. In addition, the income you earn within your RSP is tax-deferred.
You will have to pay income taxes when you withdraw from your RSP.
Typically, you’ll withdraw funds from an RSP in retirement, when you’ll likely be in a lower tax bracket, as opposed to withdrawing during your peak earning years.
Who can open an EQ Bank RSP?
An EQ Bank customer who has reached the age of majority in their province of residence, and who has a valid Social Insurance Number (SIN) can open an EQ Bank RSP.
Customers turning 71 in the year of application
Customers with temporary SINs
How do I determine my RSP contribution limit?
If you haven’t already contributed to an RSP at another financial institution, generally speaking, your allowable RSP contribution for the current year is the lowest amount of the following:
18% of your earned income from the previous tax year. For most people, earned income for RSP purposes is the amount in Box 14 of their T4 slips. Earning income also includes self-employed net income, CPP/QPP disability payments and net rental income,
The maximum annual contribution limit for the taxation year MINUS any company-sponsored pension plan contributions (defined as PA, or short for “pension adjustment” on your T4 slip. A PA represents the value of any pension benefits accruing
from participation in a registered pension plan or deferred profit-sharing plan)
You’re responsible for tracking your contribution amounts each year across all financial institutions in which you hold an RSP.
Who can contribute to an EQ Bank RSP?
Anyone who has earned income, has a Social Insurance Number (SIN), has attained the age of majority in their province, and has filed a tax return can contribute to an EQ Bank RSP up until December 31 of the year they turn 71.
Once you turn 71, your EQ Bank RSP proceeds can either be:
Withdrawn from the Plan
Transferred to a Registered Retirement Income Fund (RRIF) with another institution.
Can I set up recurring automatic contributions to an RSP?
Yes! This is a great way to keep on top of your contributions.
Follow the same steps for making an RSP contribution. When prompted, choose the desired frequency of your recurring payment.
You can easily change the frequency or cancel your recurring transfers from your desktop or mobile app.
Are RSPs available in Quebec?
Unfortunately, the RSP Savings Account and RSP GICs are not available in the province of Quebec. See all the products that are available in Quebec here.