Registered Retirement Savings Plan (RRSP)

A RRSP is a plan registered with the federal government to defer tax on income earned until you withdraw from your plan. Each year you earn income, the federal government will permit you to contribute a percentage of your earned income to a RRSP. This amount can be found on your income tax Notice of Assessment. The contribution you make to your RRSP can be used as a direct deduction to your income, which will reduce your income tax in that taxation year.

Why would you use a RRSP? The purpose of this type of plan is to build savings for your retirement years. You must convert this plan to an income paying plan in the year you turn age 71. Your income plan could be a RRIF or an annuity and you will be required to draw a minimum amount each year based on a percentage calculation.

There are multiple types of investment options available to you in a RRSP. Whether it is GIC’s, mutual funds or segregated mutual funds, by working with you to identify your goals, we will find the best investment solution(s) for you.

Call or email us to find out how we can assist you with your RRSP solution.