The Registered Retirement Savings Plan

An RRSP is a personal savings plan registered with the Canadian federal government that allows you to save for the future on a tax-sheltered basis. What makes it special is that your contributions are tax deductible. Talk to one of our licensed advisors to see what you can be doing to fully realize the benefits of an RRSP.

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Should I consider an RRSP? Checklist:
  • Are you working / earning an income?
  • Have you filed a Canadian income tax return? And,
  • Do you look forward to a secure retirement?

If you answered “yes” to all three questions then you should talk to one of licensed advisors about your retirement plan and how RRSPs fit in.

Reduce your taxable income

Individual, who have earned an income through employment or self-employment, can reduce their annual tax bill while saving for their future through an RRSP. By contributing to an RRSP, you’ll realize immediate tax benefits. Your total annual contribution is deducted from your gross income, thereby reducing your tax bill in that year. By contributing during your peak earning years – when taxes are highest – and drawing an income in retirement – when you’re in a lower tax bracket – you’ll reduce the overall level of tax paid.

Fund your retirement

Individual who have a company pensions plan can supplement their retirement savings with an RRSP. Whereas for self-employed individuals RRSPs are considered the foundation for funding their retirement.

Income Splitting

Setting up a spousal RRSP is a sound tax strategy that allows you to reduce your combined tax burden when there is an imbalance in spousal income. When withdrawing funds in retirement, income-splitting can be applied to reduce the overall taxes paid.

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