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Registered Retirement Savings Plan (RRSP)
A Registered Retirement Savings Plan (RRSP) is an investment account designed primarily for saving toward your retirement years. As a retirement savings vehicle, regulated by the Canadian government, RRSPs have special tax benefits.
The Benefits of an RRSP
- The immediate benefit of an RRSP is the tax deduction from income earned in the current year.
- While your money remains inside a registered policy, the growth from the interest, dividends or capital gains is tax deferred, and you are only taxed on withdrawals from an RRSP. This allows your money to grow and tax sheltered over the long term.
RRSP Related Plans
Registered Retired Income Fund (RRIF)
When you turn 71, you have the option of cashing out your RRSP, if you do not want to cash out the RRSP and pay any applicable taxes, you must convert your RRSP into a retirement income – either a RRIF or annuity payment. For RRIF, you still have the choice of the investment options you had in your RRSP and you can receive an income. But you have a minimum withdrawal limit that is required in each calendar year.
Payout Annuities
A payout annuity converts a lump sum payment from RRSP into a periodical series of payments, comprised of the original principal used to purchase the annuity and interest earned. You can choose income for a specific period of time or a lifetime.
Our advisors will accord your financial situation and retirement goals with tax consideration, and recommend you the best solution.