Registered Retirement Savings Plan (RRSP)

Overview

If you want to hold your retirement savings tax free, then an RRSP is the choice for you. The RRSP is designed by the Canadian government to meet the financial needs of retirement for Canadians.

Anyone under the age of 71 who has earned income can make contributions to an RRSP. Earned income includes salary or wages, received alimony, and rental income, among other sources, but does not include resources such as investment income. However, you can invest in various investments using funds from an RRSP. Any income your RRSP investments earn will also be tax-exempt as long as the funds remain in the RRSP. You only pay tax on the amounts you withdraw before retirement.

Some providers also allow you to invest borrowed money into an RRSP. Additionally, you can borrow funds from your existing RRSP contributions to purchase your first home or pay for your education tax-free (if the money is paid back within the specified time).

What makes RRSP’s so special?

Your contributions to an RRSP are tax deductible and your portfolio grows tax sheltered. If you are under 72 years of age and earn income you should take advantage of the benefits an RRSP can offer.

Let's get started on an RRSP that works for you.

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