Tax benefits with an RRSP – Canada Life

Did you know that contributing to an RRSP can lower your annual income tax? The tax benefits of an RRSP are better than you might think.


View the video transcript


Narrator: You may have heard that RRSPs are taxable in retirement.

Description: The question “ Are RRSPs taxable in retirement? ” appears.

Narrator: That’s true!

Description: A thumbs up moves into frame.

Narrator: But think about this.

Description: Thumb moves out of frame. An egg in a nest appears.

Narrator: When you contribute to an RRSP,

Description: Coins fall into nest.

Narrator: you may pay less tax at the end of the year,

Description: A hand types on a calculator. A paper is printed from the calculator.

Narrator: Which helps you save money today.

Description: The paper becomes a calendar.

Narrator: Now let’s fast forward to the future.

Description: The calendar flips.

Narrator: Once you retire and withdrawal savings from your RRSP, your income will likely be less than it is today.

Description: A lake scene is revealed. A dock with muskoka chair and small table with lemonade moves into frame.

Narrator: That means your tax rates will be lower on those withdrawals –

Description: Camera pans to the left, coins bounce into frame and land on a piece of paper with a percentage.

Narrator: so you won’t pay as much tax as you might think.

Description: An arrow appears from below the paper and moves out of frame. The camera follows and the arrow lands. More coins fall beside.

Narrator: Learn more at

Description: Frame fades to reveal “Learn more at” with Canada Life logo and legal line: Canada Life and design are trademarks of The Canada Life Assurance Company.

Get retirement ready – Canada Life

We can help you build a plan for life after work. Learn more at

View the video transcript:


Description: This video combines impactful words with footage of Canadian women close to retirement.

Narrator: You do it all.

Description: “You do it all” repeats across the screen in large text. A middle-aged woman bikes on the side of a road near a lake. Mountains appear in the distance.

Narrator: You’re unstoppable.

Description: “You’re unstoppable” repeats across the screen in large text. A mother sits on the edge of her bed holding her swaddled newborn baby.

Narrator: But when it comes to retirement, you might not feel ready because you’re worried you haven’t saved enough.

Description: A woman sits at her kitchen table, reading her statements. A stack of papers sits on the table next to her.

Narrator: But you’ve worked hard for this.

Description: “You’re worked hard” repeats across the screen in large text. A nurse in a mask takes a patient’s temperature.

Narrator: and you deserve to take this next step with confidence.

Description: An athletic woman jogs down a wooden bridge in a park.

Narrator: An advisor can help you build a plan.

Description: A barber smiles while talking on a cordless phone. She gives a young girl with long hair a trim.

Narrator: so you can afford the retirement you want.

Description: A surfer in a wetsuit stands on the beach at dawn, holding her surfboard.

Narrator: They’ll provide expert advice to help you choose the right investments based on your comfort with risk.

Description: A women sits at her desk, typing on a laptop. The back door of her home is open to a lush garden in the distance.

Narrator: draft a budget and ensure your family is taken care of.

Description: A mother holds up her phone to take a picture of her teenage daughter wearing a graduate cap and gown.

Narrator: It’s time to take charge of your money.

Description: A woman in tennis outfit plays pickleball on a court outside with her husband.

Narrator: Get retirement ready, your way.

Description: “Get retirement ready” repeats across the screen in large text.

Narrator: To learn more, contact your advisor.

Description : Words “To learn more, contact your advisor” appear onscreen with Canada Life logo and legal lines: Canada Life and design are trademarks of The Canada Life Assurance Company. 1-204-946-1190.

For wherever your life takes you – Canada Life



Richard Yaworski

Financial Security Advisor
Investment Representative

Having been in the business since 2008, I am committed to my clients’ short and long-term goals. I help clients achieve their financial security goals by providing professional in-depth analysis and an individually-tailored financial security plan that helps clients clarify their life needs and goals. When I'm not working with my clients, I enjoy spending quality time with my family and friends enjoying the outdoors. Look forward to working with you.


Contact me today to learn more

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