Expanding financial opportunities for LGBTQI+ refugees in Canada: A Proposal for the Refugee Retirement Savings Fund (RRSF)

Arriving in Canada as a Black queer refugee was a turning point—one shaped by welcome, struggle, and possibility. I was met with kindness from individuals, communities, and institutions that made it possible to rebuild. That generosity continues to inspire my work.

But rebuilding isn’t just about now, it’s also about the future. It’s about having access to the tools needed for long-term planning. For many refugees who arrive after age 35, preparing for retirement is especially hard. There’s less time, fewer opportunities, and systems that weren’t built with our journeys in mind.

That’s why I’m proposing the Refugee Retirement Savings Fund (RRSF)—a bold but practical way to strengthen Canada’s retirement system by making it more inclusive.

The Challenge: Refugees and Canada’s retirement gap

The Registered Retirement Savings Plan (RRSP) is a key tool for building long-term financial health in Canada. But it’s designed to reward decades of contributions starting from age 18. That model works for people who’ve lived and worked here most of their lives. It doesn’t work as well for those who arrive under-resourced, mid-career.

Refugees who resettle after age 35 begin with limited time to earn RRSP contribution room. LGBTQI+ refugees often face added challenges—barriers to employment, housing, and financial literacy. These aren’t personal failings. They’re systemic gaps.

The RRSF would help close that gap, giving newcomers more time, tools, and support to prepare for retirement with dignity.

The Proposal: What is the Refugee Retirement Savings Fund (RRSF)?

The RRSF is a tax-deferred savings fund designed to complement—not replace—the RRSP. It would support refugees over 35 in catching up on retirement savings after resettling in Canada.

Key Features

Eligibility: Refugees (including LGBTQI+ claimants) who arrive after age 35 and have filed at least one year of Canadian taxes.
Contribution Limit: Up to $10,000 per year for 10 years, in addition to RRSP contributions.
Tax Benefits: Contributions reduce taxable income and grow tax-deferred.
Flexibility: After 10 years, funds can be transferred to an RRSP or withdrawn at retirement. Early withdrawals would be taxed normally.
Streamlined access: Eligibility is confirmed using the Immigration and Refugee Board (IRB) letter through the CRA’s portal, keeping things simple.

How the RRSF adds to, not replaces, what exists

The RRSF follows the same logic as the First Home Savings Account (FHSA)—a targeted solution for a specific group with a unique starting point. It doesn’t replace the RRSP. It fills a gap.

Like the FHSA helps first-time homebuyers, the RRSF would give refugees a stronger chance at long-term financial independence. It’s a policy tool that aligns with Canada’s values of fairness, inclusion, and shared opportunity.

Implementation: Smart, simple, and scalable

Administrative feasibility

Canada already manages multiple savings accounts—like the RRSP, TFSA, and FHSA. The infrastructure exists. Verifying refugee status via CRA using IRB documents would avoid creating new systems.

Cost vs. long-term impact

While the RRSF reduces short-term tax revenue, it would increase long-term economic participation. Refugees contribute meaningfully within a few years of arrival. Helping us save more now lowers future dependence on social support and strengthens Canada’s economy.

Why employers and financial institutions should get behind this

Employers and private-sector leaders have a real stake in financial inclusion.

Workforce stability: When employees feel secure, they stay longer and perform better—especially in sectors with high turnover.
Stronger ESG and DEI outcomes: The RRSF supports long-term equity. It’s a concrete way for companies to show leadership on social inclusion.
Broader economic growth: As more newcomers build wealth, we contribute to the tax base, invest in our communities, and reduce demand on public support.

Financial security isn’t just about dollars—it’s about choice, freedom, peace of mind, the ability to live with dignity, and to secure a prosperous future.

For refugees who arrive later in life, planning for retirement shouldn’t be out of reach. The RRSF is a mechanism that can secure the dignified future we deserve.

Turning vision into policy

To move this proposal forward, we need:

Policy Advocacy: Engage the Department of Finance Canada, CRA, and IRCC to explore the model
Cross-sector collaboration: Partner with employers and financial institutions to pilot the program
Community engagement: Equip refugee-serving organizations with the tools to share this opportunity

Building a more inclusive future

Many of us didn’t come to Canada just to survive—we came to contribute and thrive. To belong. To build lives rooted in freedom and possibility. The Refugee Retirement Savings Fund is one way to make that future a reality.

When we invest in each other, we prosper together.