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Understanding Retirement Saving Plan in Canada.

The Registered Retirement Savings Plan (RRSP), is a personal savings plan that lets you save money over your lifetime on a tax-sheltered basis, so your money grows faster.

Who should invest in a RRSP?

  • Canadians under 71 years of age who earns employment income and wants to save for retirement by reducing their tax bill
  • Great for long-term retirement goals and generating ongoing income in your later years
  • Best suited for medium to high income earners

Reasons why you should invest in RRSP:

  • Claim your RSP contributions as a deduction on your tax return
  • Can carry forward deduction from contribution to future years when income might be higher
  • Won’t have to pay any taxes on investment gains as long as it remains in the RSP
  • Allows retirement savings to grow faster
  • When you’re ready to retire, you can convert your RSP to a RRIF or annuity to receive regular payments
  • Income from the RRIF will be taxable but in your later ages, you will potentially be in a lower tax bracket and pay less tax.
  • Split income in the household by contributing into spousal RSP
  • Retirement income can be split more equally between you and your spouse, generating a reduced amount of tax that higher income earner pays
  • Make withdrawals without paying any tax if you pay the money back within the specified time periods for:
    • Home Buyers Plan – withdraw from your RSP to contribute towards your first home purchase
    • Lifelong Learning Plan – withdraw from your RSP to contribute towards education costs

This is what we can help you with Your Investing.

Help Understanding the Need!

Understand your current financial picture and your retirement savings sources – Now and in the future.

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Portfolio reviews – Make sure you have the best solutions for your needs. Find the best fund with low fees and higher return investment portfolio for long term growth.

High Growth Fund Selection

Receive a plan with tailored solutions that will work to create the retirement you want – Income for Life, Tax-Free Pension, and accelerating your savings plan.

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