Retirement · Manzil
Manzil RRSP - Registered Retirement Savings Plan
Co-Founder & CEO, HalalWallet
Facts are re-verified against Manzil's published materials; this page updates when the provider's terms, rates, or coverage change.
Manzil's RRSP finally lets observant Canadians capture the country's biggest tax deduction without holding interest-bearing funds: contributions are tax-deductible (2026 limit: $33,810 or 18% of prior-year earned income, whichever is lower), unused room carries forward indefinitely, and growth compounds tax-deferred until withdrawal. Corex Financial manages the AAOIFI-screened portfolio - screened equities and halal income assets in place of the bond and GIC allocations conventional RRSP portfolios rely on - under Manzil's named three-scholar Shariah Supervisory Board. The account converts to a RRIF or annuity by December 31 of the year you turn 71, with CIRO-member custody and CIPF coverage.
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What is the Manzil RRSP - Registered Retirement Savings Plan?
Manzil's RRSP finally lets observant Canadians capture the country's biggest tax deduction without holding interest-bearing funds: contributions are tax-deductible (2026 limit: $33,810 or 18% of prior-year earned income, whichever is lower), unused room carries forward indefinitely, and growth compounds tax-deferred until withdrawal.
- Contract structure: Wealth Management.
- Available in every province.
- Shariah oversight disclosed: Formal Board.
- HalalWallet Index grade for Manzil in Retirement: A.
- Verified against Manzil's published materials on 2026-09-29.
Source: HalalWallet (halalwallet.ca)
Key facts
- Structure
- Wealth Management
- Availability
- every province
- Shariah oversight
- Formal Board
- Shariah board
- Formal Board
- Last verified
- 2026-09-29
Facts are taken from Manzil's published product materials and were last verified on 2026-09-29. Fields the provider does not publish are omitted rather than estimated.
Our take
Manzil's RRSP addresses a problem observant Canadian Muslims have faced for years: capturing the RRSP deduction without holding interest-bearing funds, since conventional RRSP portfolios lean heavily on bonds and GICs. Contributions cut your tax bill now - up to $33,810 for 2026 - and grow tax-deferred inside AAOIFI-screened portfolios managed by Corex Financial, with a named three-scholar Shariah board certifying the products and external Shariah audits in the governance model. Withdrawals are taxed as income later, which is the point of the deferral but does commit the money until retirement, and Canadian fees are unpublished. Best for middle- and higher-income earners for whom the deduction outweighs the TFSA's flexibility.
Strengths
- Contributions reduce your taxable income today while investments grow tax-deferred
- Managed to AAOIFI standards under Manzil's Shariah Supervisory Board
- Available in all 13 Canadian provinces and territories
- Unused contribution room carries forward indefinitely
Watch-outs
- Withdrawals are taxed as income, so funds are effectively committed until retirement
- Limited to Manzil's managed halal portfolio lineup
- Canadian fees aren't published on manzil.co - the posted $48/year + 0.40% pricing applies to the US platform, so confirm CAD pricing at signup
Is the Manzil RRSP - Registered Retirement Savings Plan halal?
The account wrapper is tax treatment, not the investment - what makes it halal is what's inside: Manzil portfolios hold only AAOIFI-screened securities with no bonds, GICs, or interest-bearing instruments, incidental impure income is quantified for purification, and products are certified by Manzil's Shariah Supervisory Board (Dr. Shaher Abbas, Dr. M. Gadhoum, Mufti Faraz Adam). The RRSP delivers tax-deferred retirement growth without the bond allocations conventional RRSP portfolios rely on.
Shariah oversight disclosed by Manzil
Manzil's products are certified by its internal Shariah Supervisory Board, whose governance adheres to AAOIFI standards, with external independent review by Mufti Ebrahim Desai (Darul Iftaa Mahmudiyyah) for home financing. Manzil is Canada's first AAOIFI member and publishes its Shariah compliance certificates in English, French, and Arabic at manzil.co/ca/certifications.
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- Tax-deductible contributions with tax-deferred growth until withdrawal
- 2026 contribution limit of $33,810 or 18% of prior-year earned income, whichever is lower
- Unused contribution room carries forward indefinitely
- Converts to a RRIF or annuity by December 31 of the year you turn 71
- AAOIFI-screened portfolios managed by Corex Financial; CIRO-member custody with CIPF coverage
Cost and terms
Canadian fee schedule not published on manzil.co (crawled 2026-08-05): the platform's pricing page is US-branded ($48/year Core Plan plus 0.40% AUM fee, $0/year Premium at $100K+, for US Managed Portfolios) and no CAD fees appear on the /ca/halal-invest pages; portfolio management is provided through Corex Financial Inc. - confirm Canadian fees at signup
How it compares
Other retirement providers we list in Canada, ordered by HalalWallet Index grade.
| Product | Structure | Shariah oversight | Availability | Grade |
|---|---|---|---|---|
| Manzil RRSP - Registered Retirement Savings Plan (this page) | Wealth Management | Formal Board | every province | A |
| ShariaPortfolio RRSP - Registered Retirement Savings Plan | Wealth Management | Third-Party Certified | 4 provinces | — |
Other Manzil products
- TFSA - Tax-Free Savings Account
Investing · Wealth Management
- Personal Account (Non-Registered)
Investing · Wealth Management
- Musharaka Mortgage
Home Financing · Diminishing Musharaka
- Wealth Management
Investing · Wealth Management
- FHSA - First Home Savings Account
Investing · Wealth Management
- Business Account (Non-Registered)
Investing · Wealth Management
- LIRA - Locked-In Retirement Account
Retirement · Wealth Management
- RESP - Registered Education Savings Plan
Investing · Wealth Management
- Murabaha Mortgage
Home Financing · Murabaha
- Manzil Wills - Islamic Will
Wills & Estate Planning · Islamic Will
- Joint Account (Non-Registered)
Investing · Wealth Management
- Manzil Russell Halal USA Broad Market ETF
Investing · Index-based
- RRIF - Registered Retirement Income Fund
Retirement · Wealth Management
Where it's available
Manzil lists the RRSP - Registered Retirement Savings Plan as available in every province.
Availability may vary by product and can change; verify with Manzil before applying.
Frequently asked questions
Is the Manzil RRSP - Registered Retirement Savings Plan halal?
The account wrapper is tax treatment, not the investment - what makes it halal is what's inside: Manzil portfolios hold only AAOIFI-screened securities with no bonds, GICs, or interest-bearing instruments, incidental impure income is quantified for purification, and products are certified by Manzil's Shariah Supervisory Board (Dr. Shaher Abbas, Dr. Contract structure: Wealth Management. Shariah oversight disclosed by Manzil: Formal Board. HalalWallet reports what the provider documents; we do not certify products.
How does the Manzil RRSP - Registered Retirement Savings Plan work?
Manzil's RRSP finally lets observant Canadians capture the country's biggest tax deduction without holding interest-bearing funds: contributions are tax-deductible (2026 limit: $33,810 or 18% of prior-year earned income, whichever is lower), unused room carries forward indefinitely, and growth compounds tax-deferred until withdrawal.
What does the Manzil RRSP - Registered Retirement Savings Plan cost?
Canadian fee schedule not published on manzil.co (crawled 2026-08-05): the platform's pricing page is US-branded ($48/year Core Plan plus 0.40% AUM fee, $0/year Premium at $100K+, for US Managed Portfolios) and no CAD fees appear on the /ca/halal-invest pages; portfolio management is provided through Corex Financial Inc. - confirm Canadian fees at signup
Where is the Manzil RRSP - Registered Retirement Savings Plan available?
Manzil lists this product as available in every province. Availability can change and may differ by province; verify directly with Manzil.
What are the alternatives to the Manzil RRSP - Registered Retirement Savings Plan?
In the same category we also list ShariaPortfolio RRSP - Registered Retirement Savings Plan. Compare every option side by side on our Halal Retirement Accounts hub.
When was this Manzil product information last verified?
HalalWallet last verified the Manzil RRSP - Registered Retirement Savings Plan details against Manzil's published materials on 2026-09-29. Rates, fees, and availability can change after that date.
How to use this comparison: HalalWallet is an independent educational comparison platform - by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider - their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-09-29
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