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Registered Retirement Savings Plans (RRSP)

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      "It's not just having an RRSP that matters; It's having an RRSP properly invested that is working as hard as you do"

A Registered Retirement Savings Plan (RRSP) is an account, registered with the federal government, that you can use to save for retirement that have special tax advantages.

3 Distinct Tax Advantages:

§  Tax-deductible contributions – You get immediate tax relief today by deducting your RRSP contributions from your income each year. Effectively, your contributions are made with pre-tax dollars.

§  Tax-sheltered earnings – The money you earn in your RRSP investments is not taxed as long as it stays in the plan.

§  Tax deferral – You will pay tax on your RRSP savings when you withdraw them from the plan. That includes both your investment earnings and your contributions.

How much can you contribute? Anyone who files an income tax return and has earned income can open and contribute to an RRSP. There are limits on how much you can contribute to an RRSP each year. You can contribute the lower of:

§ 18% of your earned income in the previous year, or

§  maximum contribution amount for the current tax year: $27,830 for 2021


§ You may contribute more if you have contribution room from previous years

Note: Any unused RRSP contribution room can carry forward to be used in future years.

December 31st of the year you turn 71 you must convert your RRSP into a RRIF that requires you to start to withdraw money at a minimum of the prescribed rate starting at any point the following calendar year.

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