Can New Immigrants Open an RRSP?
Yes.
However, RRSP contribution room only starts accumulating after you file your first Canadian tax return.
Example
If you moved to Canada in 2024 and earned income that year, your RRSP contribution room appears in 2025 after filing taxes.
Benefits of RRSP for Newcomers
RRSP can help newcomers:
- reduce taxes
- save for retirement
- build long-term wealth