The Registered Retirement Savings Plan (RRSP) is a powerful financial tool for Canadians looking to save for retirement while enjoying valuable tax benefits. Since its introduction in 1957, the RRSP has helped millions of Canadians build their retirement nest eggs. However, contributing to an RRSP is only part of the strategy; it’s equally important to monitor your balance regularly to track progress, manage investments, and stay within your contribution limits.
In this article, we explain how to check your RRSP balance in Canada, what you can see, and why it matters for your long-term financial health.
Why Checking Your RRSP Balance Is Important
Keeping track of your RRSP balance helps you:
- Stay informed about the value of your retirement savings
- Verify contributions made by you or your employer
- Track investment growth or losses
- Avoid over-contributions, which can result in penalties
- Plan withdrawals strategically when approaching retirement
Whether you’re just starting or nearing retirement, having a clear view of your RRSP is crucial to achieving your financial goals.
Where Can You Check Your RRSP Balance?
There are three main ways to check your RRSP balance:
1. Through Your Financial Institution
Most Canadians hold their RRSPs through a bank, credit union, investment brokerage, or insurance provider. Some of the most common institutions include:
- RBC, TD, BMO, Scotiabank, CIBC
- Questrade, Wealthsimple, National Bank
- Sun Life, Manulife, Desjardins
Each of these institutions provides online access to your RRSP account.
Steps to check your RRSP balance via your financial institution:
- Log in to your online banking or investment account (web or app).
- Navigate to the “Accounts” or “Investments” section.
- Select your RRSP account.
- You’ll see:
- Total balance
- Contribution history
- Fund performance and current market value
- Available cash and invested holdings
If you’re unsure of where your RRSP is held (e.g., if it’s through your employer), contact your HR department or payroll administrator.
2. Using the Canada Revenue Agency (CRA) My Account Portal
While your bank shows your investment performance, only the CRA tracks your contribution limits, carry-forward room, and deduction limits.
To access your RRSP details on CRA:
- Visit: https://www.canada.ca/en/revenue-agency.html
- Sign in to My Account using:
- CRA user ID and password
- Sign-In Partner (bank login)
- Mobile app (GCKey, etc.)
- Go to “RRSP and TFSA” section.
- Click on “RRSP Deduction Limit Statement” to see:
- Your contribution limit for the current year
- Your unused contributions from previous years
- Any over-contributions that may require correction
Important: The CRA does not show your investment balance, only contribution-related data.
3. Reviewing Your RRSP Statements
Most institutions send monthly, quarterly, or annual account statements by mail or email. These documents include:
- Account balance
- Contributions and withdrawals
- Investment performance
- Fees charged
Keeping a digital or printed record of these statements helps with long-term planning and tax reporting.
What Information Can You See in Your RRSP Balance?
When you check your RRSP through your financial institution, you’ll typically see:
- Total market value of your account
- Breakdown of holdings (e.g., mutual funds, ETFs, GICs, stocks)
- Transaction history (contributions, transfers, withdrawals)
- Fees or charges applied
- Rate of return on your investments
Some platforms even offer visual dashboards and projections based on your age and retirement goals.
Tips for Managing Your RRSP Effectively
- Set up automatic contributions to grow your balance steadily.
- Monitor your investments and rebalance as needed based on risk tolerance.
- Don’t exceed your contribution limit – use the CRA portal to track it.
- Maximize your tax refund by contributing before the annual RRSP deadline (usually March 1).
- Avoid unnecessary withdrawals, as they are fully taxable unless done under special programs (like the Home Buyers’ Plan or Lifelong Learning Plan).
Common Issues and How to Solve Them
Can’t find your RRSP?
- Contact your employer (if employer-sponsored)
- Call major banks to inquire about dormant accounts
Forgot login credentials?
- Use the “Forgot password” option or call your financial institution’s support line
Over-contributed?
- Withdraw the excess ASAP and contact the CRA to minimize penalties
Not seeing contributions?
- Confirm if payroll has been processing them correctly
Conclusion
Checking your RRSP balance regularly is a simple but essential step toward building a secure financial future in Canada. Whether you’re investing in mutual funds, ETFs, GICs, or simply saving cash, knowing where you stand allows you to make informed decisions and avoid costly mistakes.
Use your bank’s platform for investment details, and the CRA portal to stay on top of contribution limits. Together, they give you a full picture of your retirement savings.
Stay informed, stay on track—and let your RRSP work for your future.
