How Many RRSPs Can I Have?

There is no limit to the number of RRSP plans you can have, but there are limits on how much of your investment can be insured.

"Most people find it simpler to have only one or two plans, making it easier to keep track of their RRSP investments. If you are investing in assets which are insured by the Canada Deposit Insurance Corporation (CDIC), it may make sense to have more than one RRSP with different RRSP insurers," says Chartered Accountant John Wonfor, National Tax Partner, BDO Dunwoody LLP National Office in Toronto.

"The CDIC only insures up to $100,000 with each member financial institution. By having RRSPs with more than one institution, you can increase the amount of your investments that are covered by the CDIC. Assets usually covered include bank or trust company deposits and GICs, but not mutual funds."

Institute of Chartered Accountants of Ontario