A Registered Retirement Savings Plan (RRSP) is a government-registered savings account designed to help you save for retirement in a tax-effective manner.
Contributions made by you or by your spouse/commonlaw partner are tax-deductible, meaning they reduce your taxable income for the year in which they’re claimed. Any investment growth within an RRSP is tax-deferred, and you pay tax only when funds are withdrawn.
In summary, by contributing to your RRSP, you reduce your current tax burden and let your investment’s growth accumulate over time without annual taxation. Therefore, you can claim contributions in the year made or defer the deduction to a future year, which is very useful when anticipating a higher income for the next year.
Learn more about Registered Retirement Savings Plan: Registered Retirement Savings Plan (RRSP) – Canada.ca
Direct: 236-427-3873
Cell: 604-916-5289
Office: 866-463-8972
Fax: 866-463-8972
Paulo Sergio Moulatlet, CFP
Investment Funds Advisor, Investia Financial Services Inc.
Life Insurance Advisor
Mutual funds, exempt market products and exchange traded funds are offered through Investia Financial Services Inc. The particulars contained herein were obtained from sources which we believe reliable but are not guaranteed by us and may be incomplete. The opinions expressed on this website have not been approved by and are not those of Investia Financial Services Inc. This website is not deemed to be used as a solicitation in a jurisdiction where this Investia representative is not registered.
