- Nova Scotia Canada - Government of Nova Scotia

Your Own Retirement Savings

Personal RRSP

Personal RRSPs are a way to save for your retirement on your own. They can be set up with your financial institution or insurance company to provide extra savings above and beyond your employment pension plan or group RRSP. They are subject to the same RRSP limits described in the section on contribution limits under the Income Tax Act. The most you can contribute to a personal RRSP is ($24,930 in 2015).The RRSP limit is equal to the previous year's defined contribution limit.

You have unlimited access to the funds in your RRSP. They are not locked-in. There are no penalties for withdrawing the money before you retire. However, when you withdraw money this becomes income in the year it is taken out. Tax is withheld at the time of withdrawal.

Home Buyers' Plan and Lifelong Learning Plan

The Canada Revenue Agency has two programs in place that allow you to borrow from your RRSPs. You can use RRSP funds to make a down payment on the purchase of your first home, called the Home Buyers' Plan. You can use RRSP funds to help finance your post-secondary education, called the Lifelong Learning Plan. These types of withdrawals from personal RRSPs are not subject to income tax as long as the amounts borrowed are paid back according to the required schedule set by Canada Revenue Agency.

Please note that the above mentioned programs do not apply to funds held in a locked-in retirement account.

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Mailing Address:
Finance and Treasury Board
Pension Regulation Division
PO Box 2531
Halifax, NS  B3J 3N5

Phone: 902-424-8915, weekdays 8:30 - 4:30.
Fax: 902-424-5327

Finance and Treasury Board
Pension Regulation Division
1723 Hollis St, 4th Floor
Halifax, NS  B3J 1V9

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