REGISTERED RETIREMENT SAVINGS PLAN (RRSP)

Retirement is coming sooner than you think. Are you ready?

A Registered Retirement Savings Plan (RRSP) is the most popular vehicle in Canada for saving for your retirement. It is also a way to take advantage of some fantastic tax breaks.

RRSP contributions are tax deductible, and unlike a TFSA, any interest and investment income earned on this type of account is taxable. One exception to this rule is if you’ve never been a homeowner, which means you qualify to withdraw your RRSP contributions tax-free for the purchase of your first home. At age 71, RRSPs must be converted to some type of annuity, the most popular ones being the Retirement Income Fund (RIF) and the Life Income Fund (LIF).

If you haven’t opened an RRSP account yet, now is the time!

Call us for more information on RRSPs, contribution limits, deadlines and related tax benefits.