RRSPs – Ottawa, Ontario
Registered Retirement Savings Plans are investment savings plans designed to provide Canadian individuals with tax incentives and tax deferred growth to save money for retirement.
Contributions to your RRSP may be made by you, your spouse, or your common-law partner.
Most RRSP contributions may be deducted from your taxable income, reducing the amount of tax that you will be required to pay in that year. Any RRSP income that is earned is usually exempt from tax as long as the funds remain in the plan. Most withdrawals from RRSPs will be taxed at the time they are withdrawn.
The amount that you can contribute to an RRSP in a given year, without tax implications, can be determined by your RRSP deduction limit, also called your “contribution room.” Your financial advisor can help you determine your limit based on your current income level.