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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:

Tax-deductible contributions

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

Tax-free growth

Won’t have to pay any taxes on investment gains as long as it remains in the RSP
Allows retirement savings to grow faster

Generate retirement income for stability

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.

Spousal RSP benefits

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

Government withdrawal benefits

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

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