Registered Retirement Savings Plan

Get the best advice and plan ahead with a Registered Retirement Savings Plan.

What is an RRSP?

A Registered Retirement Savings Plan is a Canadian saving account opened by individuals who wish to hold savings and other valuable assets. It is registered with the federal government and must be closed by the time you turn 71.

An RRSP account may be of any one of the multiple types; it also comes with various tax benefits account holders can enjoy.

Tax benefits:

• Tax shelter
  As long as the contributions you make to the plan sit in your savings account, they will not be taxed. Sheltered from tax, your savings can grow quickly through RRSP.
• Pay when you withdraw
  Chances are by the time you start withdrawing from the RRSP, you will be in a lower tax bracket than you were at when you were earning. Only pay tax when you withdraw your savings and that too at a low rate.
• Contributions deductible from total income
  Contributions made to your RRSP account will be pre-tax. Thus, you will start noticing tax relief as soon as you start deducting your contributions from the income annually.

Tax benefits:

To be able to cater people’s future in the best ways possible, there are different RRSP account types available.

• Individual RRSP
  As the name suggests, this type will be held under the name of a single person and only they can contribute.
• Spousal RRSP
  This account is registered under the name of only one spouse but the other spouse can also contribute. Each of the two can only contribute up to their own contribution limit.
• Group RRSP
  A group of people such as employees of a company can opt for a group RRSP. Members can benefit from a lower administration fee but each member is only allowed to pay up to the contribution limit.

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