Skip to main content

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

Your web browser is out-of-date. For the best experience, please update to a modern browser like Chrome, Edge, Safari or Mozilla Firefox.

Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

An NRSP is a flexible savings option that helps you keep investing for your future if you’ve maxed out contributions in other registered savings plans. As the plan isn’t registered with the government, it’s not subject to the same regulations as other plans, so there is no limit on what you contribute or how often.

How does an NRSP compare to other savings plans?

NRSP

TFSA

RRSP

RESP
Is there an annual contribution limit?

No

$7,000

18% of your earned income from the previous tax year

No

Are contributions tax-deductible?

No

No

Yes

No

Is tax payable on investment growth? 

Yes

No

No

No

Does the plan benefit from a government grant?  

No

No

No

Yes

The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.

More on investing and saving