Retirement Savings Plans (RSPs)

Why invest in an RSP?

The Registered Retirement Savings Plan (RRSP/RSP) was introduced more than 50 years ago to give people a safe and reliable way to save for their retirement. Today, RSPs are still one of the best tax-saving and retirement planning tools around. Benefits include:

  • Tax-deductible contributions – Contributions, within limits, are tax deductible.
  • Tax-sheltered earnings – Any income you earn in an RSP is usually exempt from tax as long as the funds remain in the plan.
  • Tax deferral Although you are required to pay tax on your RSP savings when you withdraw them from the plan, you will have deferred this to the future when it’s likely that your marginal tax rate will be lower than it was during your peak income-earning years.

Special investment plans

Luminus has a variety of special investment plans that you can choose from for your retirement investing. View our rates for limited time special offers.

Need a loan to make more contributions? We have investment loans available.


For more information, please visit our Financial Hub or call one of our Member Relations Officers at 1.877.782.7639. Tell us where you want to be in 2050, and we will help you maximize your savings!

Insurable non-registered deposits are covered up to $250,000 through the Financial Services Regulatory Authority of Ontario, and insurable deposits in registered accounts have unlimited deposit coverage. Click here to learn more about deposit insurance.