Registered Retirement Savings Plan (RRSP)

We offer both regular and spousal RRSPs.

Regular RRSPs are registered in the contributor's own name. The tax receipt issued for the RRSP is an allowable deduction on the contributor’s own tax return.

A spousal RRSP is purchased by the contributor but registered in the name of his or her spouse for the benefit of income splitting upon retirement. Income splitting means that the higher-earning spouse can make contributions to the lower-earning spouse’s RRSP to help equalize their income streams at retirement and save in income taxes. The spouse owns the plan, but the contributions made are an allowable deduction on the contributor’s tax return.

Canadian taxpayers of the age of majority in their province of residence, excluding residents of Quebec, with earned income are eligible to apply for a Motive RRSP up to the end of the year in which they turn 71.

To apply for an RRSP online at Motive, complete the RRSP online application form. You can also complete the Deposit Application for Retirement Savings Plan. Simply print, sign and mail your application to us  with:

• A cheque for your first contribution, or
• To transfer your RRSP from another financial institution, complete, sign and mail in page four of your application to Motive along with a recent RRSP statement.

Your application will be processed and a Personal Access Number/Client Card will be sent to you within five to seven business days of receipt at Motive. Your Motive RRSP GIC deposit and interest rate will be value dated for the date your completed application and funds are received at Motive.

If you’re applying for a new RRSP at Motive:

• Use the online application and indicate that you are transferring funds from an existing RRSP at another institution under the source of funds section.
• Complete the Deposit Application for Retirement Savings Plan, print it, sign pages three and four and mail it to us along with a recent RRSP statement.

If you’re transferring into your existing RRSP at Motive:

• Complete the RRSP Additional Investments/Renewals/Deregistrations for Existing RRSP form (located in our Forms Centre), print it, sign pages one and three and mail it to us along with a recent RRSP statement.

Contributions can be made in any of the following ways:

• By cheque: Complete the RRSP Additional Investments/Renewals/Deregistrations for Existing RRSP form (located in our Forms Centre), print it, sign page one and mail it in to us.
• From your Motive Savings or Motive Chequing Account: You can contribute using funds from your Motive Savings or Motive Chequing Account instantly through your online banking. Simply log in, select “Open an Account” and follow the instructions provided.
  Note: You can’t contribute to a spousal plan through your online banking.
• Recurring transfers from your Motive Savings Account or Motive Chequing Account: To set up a regular transfer from your Motive Savings or Motive Chequing Account into your RRSP, complete the Recurring Transfer and Overdraft Coverage Authorization form, print, sign and mail it to us.
• Recurring transfers from your chequing or savings account at another Financial Institution: Complete an Electronic Funds Transfer Agreement, attach a void cheque and mail or fax it to us.
• Transfer from your RRSP at another financial institution: Complete the RRSP Additional Investments/Renewals/Deregistrations for Existing RRSP form (located in our Forms Centre), print it, sign pages one and three and mail it to us along with a recent RRSP statement.

For Motive RRSP GICs your deposit and interest rate will be value dated for the date we get your completed application and funds. A written confirmation will be sent to your mailing address within five to seven business days.

The best way to find your exact contribution limit is to check your Notice of Assessment issued by Canada Revenue Agency (CRA) or to call CRA’s “Tips Line” at 1-800-267-6999. You will need to have your birth date, social insurance number and previous year’s income ready when you call in.

The basic rule for calculating your contribution limit is 18% of your previous year’s earned income less pension adjustments to a maximum contribution limit for that year.

Unused contributions can be carried forward and added to the current year's contribution limit.

You can contribute to your RRSP until December 31 of the year you turn 71.
For more information on contribution limits and other RRSP information, please visit the CRA website.

You can contribute to your RRSP anytime during the year. Any contributions made during the first 60 days of the calendar year are deductible in either the previous or current year’s tax return. If the 60th day falls on a weekend, the contribution deadline is extended to the following Monday.

Yes. Using a spousal plan you can contribute to your spouse’s RRSP, however your combined total contributions to spousal and regular plans can’t exceed your contribution limit for the year.