RRSP: Registered Retirement Savings Plan
Registered Retirement Savings Plan (RRSP) helps you save for the
future, while enjoying tax benefits now. By contributing to your RRSP, you can
lower your annual income tax and defer paying taxes until retirement.
Investing
for retirement and your long-term future, while enjoying a short-term tax
break.
Benefits
of RRSP:
Contributions
are tax deductible – Your income is reduced by the amount you
contribute to the RRSP and your income tax liability is reduced accordingly
based up on your income-tax range.
Savings
grow tax free – The income you earn in the RRSP is exempt from income tax as long
as the funds remain in the plan. You have to pay tax on the amount you withdraw
from the plan as the amount withdrawn is added into your income of that year.
Borrow
from your RRSP – Funds can be withdrawn tax free under Home
Buyers’ Plan and Lifelong Learning Plan.
Convert
your RRSP to get regular payments when you retire – You can
transfer your RRSP savings tax free into a RRIF or an annuity when you retire.
You’ll pay tax on the regular payments you receive each year but if you’re in a
lower tax bracket in retirement, you’ll pay less tax.
Spousal
RRSP – If you earn more money than your spouse, you can help build their
tax-free savings by contributing to a spousal RRSP. Retirement income will then
be split more equally between the 2 of you which may reduce the total amount of
tax you pay.
Give us a call at (+1) 416 991 5959 or
fill the form to get a free quote or book a free and confidential appointment to
get more detailed information about RRSP and its benefits. You’ve got nothing
to lose and potentially thousands of dollars to gain. Your future is definitely
worth it!