Registered Retirement Savings Plan (RRSP)
An RRSP is a tax-friendly way to build your savings for the future. It helps people plan for retirement. You can deduct contributions from your taxable income. This offers both short-term and long-term financial benefits.
What is an RRSP?
An RRSP is a savings plan registered by the government – it provides a great opportunity for people to invest in their retirement wisely. Contributions are tax-deductible and investments within the plan grow tax-free until withdrawal. This helps your savings grow faster. That is why most Canadians open an RRSP to lock in financial stability after you leave the workforce.
Explore Types of RRSP solutions
Individual RRSP
An Individual RRSP is the most common type. It lets one account holder contribute based on their income. The investment earnings stay tax-free until you take out the funds. It provides flexibility and control over retirement savings.Spousal RRSP
A Spousal RRSP allows one spouse to contribute to an account in the other’s name. This strategy helps lower tax bills by spreading retirement income evenly between both partners. It helps households where one person earns much more than the other.Group RRSP
Employers offer Group RRSPs as part of workplace benefits. Contributions are deducted directly from payroll, making it convenient to save for retirement. Employers might match some contributions and boost the plan’s value over time.Why Choose RRSP With Us
Tax advantages
Contributions reduce taxable income, lowering annual tax obligations. This lets more money go into long-term savings and offers big financial benefits over time.
Diverse investment options
Registered Retirement Savings Plan accounts offer a range of investment options. Among them are Mutual Funds and Segregated Funds, Exchange-Traded Funds (ETFs), Mutual Funds Exchange-Traded Funds (ETFs), bonds, Guaranteed Investment Certificates (GICs) and Guaranteed Interest Funds (GIFs), etc.
Spousal income splitting
A Spousal RRSP helps distribute income more evenly between partners in retirement. This strategy minimizes tax burdens and ensures financial stability for both individuals.
Compound growth
Investment earnings grow tax-free within an RRSP, allowing savings to accumulate faster. This maximizes long-term returns and helps guarantee a comfortable retirement.
Employer matching in group RRSPs
Many companies add to employees’ Group RRSPs. This gives some boost to total savings without extra costs for them. This employer benefit leads to wealth accumulation.
Flexible withdrawal options
Programs such as the Home Buyers’ Plan and Lifelong Learning Plan let you withdraw money tax-free, for certain needs. This feature makes Registered Retirement Savings Plans more adaptable to changing financial goals.
How to get the most of your RRSP
Step 1. Consultation
Our Financial Advisors assess your financial needs and find the right solutions and book a free consultation. We discuss your concerns and suggest best options for you.Step 2. Application
Our team ensures a smooth application experience, preparing and submitting the paper work for you.Step 3. Approval & Coverage
When your RRSP account gets approved you get your account documents and complete details as well as secure online access.Useful FAQs About Registered Retirement Savings Plan
Who can open an RRSP?
Anyone with earned income who files a tax return in Canada can open an RRSP. You can open an account as soon as you get your RRSP room.
How much can I contribute to an RRSP?
The government sets the contribution limit based on 18% of the previous year’s earned income, up to most. The room also may vary based on the previous year’s earned income, unused contribution room from other years. Which lets individuals invest more in future years and pension adjustments.
What happens if I withdraw money from my plan before retirement?
What investment options are available within an RRSP?
What happens to my RRSP if I pass away?
If someone names a beneficiary, they transfer the funds straight to that person. If a spouse or common-law partner is designated, the account can roll over tax-free. Conversely, the RRSP value is added to the deceased’s final tax return as income.