RRSP contributions and withdrawals
Understand the impact of contributions and withdrawals to your RRSP savings.
||If no withdrawal is made:||$ 0|
||If this withdrawal is made:||$ 0|
Contributing to your RRSP is a great way to save for retirement. However, you may gain more in the
long run by paying down your mortgage first. Which strategy is right for you?
you may be better off to
contribute to your mortgage RRSP.
||Based on paying down your mortgage:||$ 0|
||Based on contributing to RRSP:||$ 0|
An RRSP "catch-up" loan could be a good way to take advantage of your unused RRSP
contribution room. But is a loan right for you?
- The calculation in this tool assumes annual compounded growth.
- RRSP contributions are assumed to continue to the retirement age you indicated.
- No contribution is assumed in the year a withdrawal is made.
- The tax rate is your assumed average tax rate, which includes provincial and federal tax.
- The amount needed to pay tax on a withdrawal is included in the withdrawal amount.
The information contained on this page is for hypothetical purposes only and is not guaranteed and Sun Life Financial is not liable for its accuracy. You should enter figures that are appropriate to your individual situation. When selecting an assumed rate of growth, you should consider factors affecting your potential return such as investment objectives, risk tolerance, and the time horizon for the investment.