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What is an RRSP ?
A Registered Retirement Savings Plan (RRSP) is a personal savings plan registered with the Canadian federal
government allowing you to save for the future on a tax-sheltered basis.
An RRSP is an investment portfolio - your designated retirement savings. It can contain a variety of investments
including: RRSP savings deposits, treasury bills, guaranteed investment certificates (GICs), mutual funds, bonds, and
even equities.
What makes an RRSP special is that your contributions to it are tax deductible and your portfolio grows tax sheltered. If
you are under 72 years of age and earn income, we encourage you to take advantage of the benefits an RRSP can
offer.
A Registered Retirement Savings Plan (RRSP) is a personal savings plan registered with the Canadian federal
government allowing you to save for the future on a tax-sheltered basis.
An RRSP is an investment portfolio - your designated retirement savings. It can contain a variety of investments
including: RRSP savings deposits, treasury bills, guaranteed investment certificates (GICs), mutual funds, bonds, and
even equities.
What makes an RRSP special is that your contributions to it are tax deductible and your portfolio grows tax sheltered. If
you are under 72 years of age and earn income, we encourage you to take advantage of the benefits an RRSP can
offer.
Who Should Have an RRSP?
Every individual who works, files a Canadian income tax return, and looks forward to secure retirement should consider
having an RRSP. Here's why:
People who earn income through their employment or self-employment, can reduce their annual tax bill while saving for
their future through an RRSP.
For people who have a company pension plan, RRSPs add extra comfort that their retirement needs are met; for those
that don't have company pension plans, RRSPs may be the foundation for funding their retirement.
Married couples where one spouse earns more income than the other can reduce their combined tax burden through a
spousal RRSP. At retirement, an income-splitting strategy can be applied to reduce overall tax when the funds are
withdrawn.
If you are planning on purchasing your first home or are interested in continuing your education, you can contribute to
your RRSP, then use these funds as a source of financing.
If you anticipate fluctuations in your income because of maternity leave, career change or employment interruptions,
the funds in an RRSP are always available to you.
Every individual who works, files a Canadian income tax return, and looks forward to secure retirement should consider
having an RRSP. Here's why:
People who earn income through their employment or self-employment, can reduce their annual tax bill while saving for
their future through an RRSP.
For people who have a company pension plan, RRSPs add extra comfort that their retirement needs are met; for those
that don't have company pension plans, RRSPs may be the foundation for funding their retirement.
Married couples where one spouse earns more income than the other can reduce their combined tax burden through a
spousal RRSP. At retirement, an income-splitting strategy can be applied to reduce overall tax when the funds are
withdrawn.
If you are planning on purchasing your first home or are interested in continuing your education, you can contribute to
your RRSP, then use these funds as a source of financing.
If you anticipate fluctuations in your income because of maternity leave, career change or employment interruptions,
the funds in an RRSP are always available to you.
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