If you want to, you can control the assets of your RRSP and make the investment decisions yourself.

Your financial institution can tell you if it offers self-directed RRSPs. The issuer (such as a bank, credit union, trust, or insurance company) can take care of the administrative details, including getting the plan registered, receiving the amounts you contribute, and trading securities. Securities cannot be held in your own name.

Qualified investments

Common types of qualified investments for a trust governed by an RRSP or RRIF include:

• money
• guaranteed investment certificates
• government and corporate bonds
• mutual funds
• securities listed on a designated stock exchange

For more information, see Income Tax Folio S3-F10-C1, Qualified Investments – RRSPs, RESPs, RRIFs, RDSPs and TFSAs or contact your RRSP issuer.

You should pay particular attention to the type of investments you choose for the plan. If you buy non-qualified investments in your RRSP or RRIF, or if qualified investments held in your RRSP or RRIF become non-qualified, there are tax implications. The rules include a tax on the annuitant of an RRSP or a RRIF that acquires a prohibited investement. For more information, go to Anti-avoidance rules for RRSPs and RRIFs.

Forms and publications

• Guide T4040, RRSPs and Other Registered Plans for Retirement
• Income Tax Folio S3-F10-C1, Qualified Investments – RRSPs, RESPs, RRIFs, RDSPs, and TFSAs