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VRSP Calculator

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You could use your contributions to purchase a first home (Home Buyers Plan [HBP] This link will open in a new window.) or return to school (Lifelong Learning Plan [LLP] This link will open in a new window.)?

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Only your contributions can be used for the HBP or LLP. Your employer's contributions, if applicable, are locked in, which means they can be used only as of age 55.

To find out all the terms of use, inquire at your financial institution.

Assumptions:

  • The rates used in the calculation are average real rates of return (net of costs). The results are indicated in today's dollars.
  • For the purpose of the projection, a default contribution rate of 4% was used.
  • The information contained in this simulation is given for reference only. It is approximate.
  • The duration of retirement is based on the life expectancy of a person aged 65.
  • It is assumed that you have sufficient contribution room to contribute to a VRSP.

The rate of return is adjusted based on age:

  • - 0,50% for a retirement starting at age 60;
  • + 0,50% for a retirement starting at age 70;

The actual rate may be higher or lower than the estimated rate.

The default contribution rate varies over time and is set at:

  • 2% of the gross salary until the end of 2017
  • 3% in 2018
  • 4% as of 2019

Contribution room under the VRSP is subject to the same limit as the maximum RRSP deduction limit.

An employee who does not participate in a group plan (RRSP or TFSA) with a pay deduction or registered pension plan for a company with five or more employees.

The employee must be at least age 18; be entitled to a wage under the Act respecting labour standards; and have accumulated one year of continuous service under the Act.