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Understand, Invest, and Benefit from Canada’s Most Popular Retirement Savings Plan.
Or call me at (416) 455 4040
A Registered Retirement Savings Plan (RRSP) is a tax-advantaged savings account designed to help Canadians save for retirement. It offers unique benefits such as tax-deferred growth and contribution deductions that can significantly enhance your retirement savings.
Contributions are tax-deductible, reducing your taxable income.
Investments grow tax-free until withdrawn.
Choose from stocks, bonds, mutual funds, GICs, and more.
Help reduce taxes for high-income spouses.
An RRSP isn’t just a savings account – it’s a powerful tool to build a secure financial future. Here are the top reasons why Canadians prioritize RRSPs:
Contributions are deducted from your taxable income.
Your investments grow faster when tax-deferred.
Use your RRSP savings for the Home Buyers’ Plan or Lifelong Learning Plan.
Convert your RRSP into a Registered Retirement Income Fund (RRIF) for steady income.
We help you select the best provider based on your preferences and requirements.
Choose from mutual funds, ETFs, bonds, or GICs. Set up automatic contributions to make saving effortless.
Set up automatic contributions to make saving effortless. Use your annual Notice of Assessment to check your available contribution room.
Making Withdrawals from Your RRSP” Content: Withdrawals from your RRSP are taxable but may be necessary for significant life events.
Here’s what you need to know:
Withdrawals are added to your taxable income for the year.
Withdraw up to $35,000 tax-free for your first home.
Withdraw up to $10,000 per year to fund education.
Warning: Early withdrawals not under HBP or LLP will be subject to withholding taxes.
An RRSP, or Registered Retirement Savings Plan, is a retirement savings account registered with the Canadian government. It allows individuals to save for retirement with tax advantages, such as tax-deductible contributions and tax-deferred growth on investments.
The annual RRSP contribution limit is the lesser of:
Contributions made within the first 60 days of a calendar year can be applied to the previous tax year.
Yes, you can withdraw funds from your RRSP at any time; however, withdrawals are generally subject to withholding tax and must be included in your taxable income for the year. Exceptions include the Home Buyers’ Plan (HBP) and the Lifelong Learning Plan (LLP), which allow for tax-free withdrawals under specific conditions, with the requirement to repay the withdrawn amounts over time.
By the end of the year you turn 71, you must convert your RRSP into a retirement income option, such as a Registered Retirement Income Fund (RRIF) or an annuity, or withdraw the funds as a lump sum. Each option has different tax implications and withdrawal requirements.
Yes, over-contributions exceeding your RRSP contribution limit by more than $2,000 are subject to a penalty tax of 1% per month on the excess amount until it is withdrawn or absorbed by new contribution room in future years.
Yes, you can contribute to a spousal RRSP, which is an RRSP in your spouse’s or common-law partner’s name. Your contributions reduce your own contribution room, but the funds belong to your spouse, who will be taxed on withdrawals, potentially at a lower tax rate. This strategy can be beneficial for income splitting during retirement.
Your family deserves financial security. Take the first step by exploring our customized life insurance plans.
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123 Sample St, Sydney NSW 2000 AU