What Ottawa's 'RRSP for life' plan means for Canadian seniors

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The federal budget proposes a tweak to Registered Retirement Savings Plans (RRSPs) aimed at simplifying financial planning for thousands of seniors every year.

Canada's new federal budget proposes a tweak to Registered Retirement Savings Plans (RRSPs) aimed at simplifying financial planning for thousands of seniors every year.

Tax and personal finance experts say while the new "RRSP for life" measure would be more convenient, it does not address seniors who are struggling under rising living costs.

An RRSP is a Canadian savings account that lowers your tax exposure today, and lets your savings and investments grow without being taxed until you retire. They can hold a wide variety of financial assets, including cash, stocks, guaranteed investment certificates (GICs), and exchange-traded funds (ETFs).

For the 2026 tax year, individuals can contribute up to 18 per cent of their earned income in 2025, up to a maximum of $33,810. If you have a workplace pension, the value of those pension contributions is deducted from that 18 per cent limit.

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