By Jaclyn Law on February 27, 2025
Estimated reading time: 4 minutes

Are you missing out on RRSP matching and more?

By Jaclyn Law on February 27, 2025
Estimated reading time: 4 minutes

Canadians can take advantage of RRSP matching and other incentives for their retirement savings—including Wealthsimple’s largest match offer to date.

Skiers and snowboarders at a Wealthsimple event

Photo by Lianne Snow

A registered retirement savings plan (RRSP) is a powerful retirement savings tool, yet many Canadians aren’t getting its full benefits. A lot of us are also missing out on RRSP matching and other incentives—essentially, free money—that could go a long way to funding a more comfortable retirement. That’s what finance professionals call “leaving money on the table.”

One such bonus, available for a limited time, is Wealthsimple’s biggest-ever RRSP matching offer. Through the “Big Winter Bundle Promotion,” new and existing customers receive a 2% match on qualifying RRSP transfers of at least $15,000. Plus, just in time for your next snow day, you can earn up to five Canadian Lift Passes, valid on more than 50 mountains across the country.

Not grabbing RRSP promotions like these would be leaving money on the table, much like:

Not returning your empties to the beer store to get your deposit back.
Forgetting to use that gift card your sister gave you for your birthday.
Turning down a free appetizer when you order food delivery.
Not using your free coffee points before they expire.
Having a buy-one-get-one-free coupon on your phone and not showing it at check-out.

Why you need an RRSP

Let’s take a closer look at Wealthsimple’s promotion and other valuable RRSP opportunities. But first, here’s a quick refresher on why an RRSP is worth having to grow your money:

RRSP contributions are tax-deductible. Putting money into an RRSP lowers your taxable income—which could mean a nice refund at tax time. And you can put that money into your RRSP for the following tax year.
Investment growth in your RRSP is tax-deferred. Interest, dividends and capital gains generated in an RRSP grow and compound over time, unhindered by taxes. Opening one sooner rather than later means even more compound interest money.
You’ll save on taxes later. By the time you withdraw from your RRSP, you’ll likely be in a lower tax bracket because you’re retired and working less or not at all.

3 ways to make the most of your RRSP

Here are three ways Canadians may be leaving money on the table when it comes to our retirement savings.

1. We’re not using all of our RRSP contribution room

To check if you have RRSP room to catch up on, use the MoneySense RRSP contribution room calculator or look at your most recent Notice of Assessment from the Canada Revenue Agency (CRA).

For every Canadian, the calculation is the same:

18% of your previous year’s income,
up to an annual maximum set by the government
+
any unused contribution room from years past

The annual maximum for 2024 is $31,560, and for 2025, it’s $32,490. RRSP room carries forward indefinitely, but the earlier you contribute, the better—compound growth takes time.

2. We’re not taking advantage of RRSP matching programs

If your employer offers an RRSP matching program, don’t let it go to waste! You can enroll in the program through HR and choose how much to contribute per year. The funds come off your paycheques, and your employer matches them up to a certain dollar amount or percentage of your salary. These contributions count toward your overall RRSP limit, along with your contributions to any personal RRSPs.

An example of RRSP matching (tap to open)

Dani’s annual salary is $100,000. Her employer matches group RRSP contributions up to 4% of her salary, which is $4,000. Dani decides to contribute 5% of her salary, which is $5,000. Her employer matches the first $4,000. Total contribution? A cool $9,000.

3. We’re not taking part in RRSP incentives

You can also boost your savings by moving a personal RRSP account to a financial institution that offers incentives. With Wealthsimple’s Big Winter Bundle, new and existing clients can receive a 2% RRSP match on eligible transfers, available until March 15, 2025. (Don’t have an RRSP to transfer? Wealthsimple is also offering a 1% match on other qualifying account transfers, including TFSAs, FHSAs and more.) Visit Wealthsimple for full details.

Hit the slopes today and save for tomorrow

Yes, it can be tricky to save for the (possibly distant) future while you’re trying to cover expenses and enjoy life now.

Case in point: Wealthsimple recently surveyed savvy savers—Canadians who have $100,000 or more in investment savings—and found that 41% use an RRSP to save towards lifestyle goals such as travel and sports. Skiing and snowboarding are especially popular, with 64% spending up to $1,000 on these activities annually. Yet nearly three-quarters admit to not budgeting ahead. This means, come wintertime, Canadians in this category are left having to choose between splurging on a ski day and saving for the future.

That’s why Wealthsimple’s 2% RRSP matching offer with ski passes ticks all the boxes—it’s for Canadians who want the best of both worlds.

See full terms and conditions about the match bonus and lift tickets.

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This article is sponsored.

This is a paid post that is informative but also may feature a client’s product or service. These posts are written, edited and produced by MoneySense with assigned freelancers and approved by the client/partner.

About Jaclyn Law

Jaclyn Law is MoneySense’s managing editor. She has worked in Canadian media for over 20 years, including editor roles at Chatelaine and Abilities. Jaclyn completed the Canadian Securities Course in 2022.

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