PLAN YOUR FUTURE
Registered Retirement Savings Plan
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RETIREMENT SAVINGS
Secure Your Retirement Today
Plan for a comfortable future with an RRSP. Contact us to explore your retirement savings options and ensure you’re on track.
RETIREMENT SAVINGS
Benefits of an RRSP
Enjoy tax deductions on contributions and tax-deferred growth with an RRSP. Build a robust retirement fund that compounds over time to ensure a comfortable and financially secure future.
SECURE FUTURE
Maximize Your Retirement Savings
An RRSP offers immediate tax deductions on contributions and tax-deferred growth on your investments. Build your retirement savings with potential tax savings and flexible withdrawal options for long-term financial security.
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FLEXIBLE CHOICES
Different Types of RRSP
Explore the different types of RRSPs to find the one that best fits your financial goals. Each type offers unique features to help you save effectively for retirement.
Traditional RRSP
- Contributions reduce your taxable income for immediate tax benefits.
- Investments grow without annual taxes, enhancing long-term savings.
- Funds can be accessed upon retirement, converted into a RRIF or annuity for steady income.
Spousal RRSP
- Contributions are deductible from your income, reducing your taxable amount.
- Investments grow tax-deferred, providing increased potential for retirement savings.
- Contribute to your spouse’s RRSP to balance retirement income and potentially lower your combined tax bill.
Self-Directed RRSP
- Choose from a wide range of investments, including stocks, bonds, and real estate.
- Tailor your investment portfolio to align with your specific financial goals.
- Manage and adjust your investments based on market conditions and personal preferences.
FAQs
Frequently Asked Questions
Find quick and clear answers to all your inquiries about Retirement Savings (RRSP) in our FAQs
A Registered Retirement Savings Plan (RRSP) is a tax-advantaged account designed to help Canadians save for retirement, offering immediate tax benefits and tax-deferred growth.
The annual contribution limit is based on your income and is subject to yearly adjustments. You can also carry forward unused contribution room from previous years.
Contributions are tax-deductible, reducing your taxable income for the year. This can lower your overall tax bill and potentially move you to a lower tax bracket.
You can withdraw funds at any time, but withdrawals are subject to income tax. It's generally best to withdraw funds during retirement when your income and tax rate may be lower.
Excess contributions are subject to a penalty tax of 1% per month on the excess amount until it is withdrawn or your contribution room is adjusted.
Yes, you can use RRSP funds for specific purposes such as buying your first home (Home Buyers’ Plan) or financing education (Lifelong Learning Plan), but these come with specific rules and repayment requirements.
The HBP allows you to withdraw up to $35,000 from your RRSP to buy or build your first home, with the requirement to repay the amount within 15 years.
The LLP permits you to withdraw funds from your RRSP to finance your or your spouse’s education or training, with the requirement to repay the amount over a set period.
Upon retirement, you can convert your RRSP into a Registered Retirement Income Fund (RRIF) or purchase an annuity to provide a regular income stream during retirement.
Yes, you can have more than one RRSP account, but the total contributions across all accounts must not exceed your annual limit.
Plan Your Perfect Retirement Today
Build the retirement you deserve with strategic savings. Explore your options, choose the right plan, and start investing today to ensure a comfortable and secure future.