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Registered Retirement Savings Plans (RRSP)

What is a RRSP?

A Registered Retirement Savings Plan (RRSP) is a tax efficient way to save for your future. All your contributions are tax-deductible, and you won't pay any tax on your plan's growth until you take your money out. This tax-deferred investment growth ensures your money is working harder for you, for longer.


Tax Efficient Retirement Savings

What's more, when you do withdraw your money, it is taxed at your current rate. So, if you wait until you are retired to access your RRSP funds, your tax rate will probably be lower because you're no longer employed.


You can transfer your RRSP into a RRIF or use it to buy an annuity, to provide additional income in retirement over and above your Canadian Pension Plan, any Old Age Security payments and any pension you receive from your ex-employer.


How much can I contribute?

You can contribute up to 18% of your previous year's income each year, up to the maximum limit. You can also carry over unused contributions from previous years, so you can contribute more in higher earning years, particularly useful for the self-employed or small business owners.


You can take money out of the RRSP anytime. However, you can only contribute up to the maximum amount each year, regardless of any withdrawals you make. Once money has been put into your RRSP, it counts towards your annual total.


Key features of RRSPs

  • Tax-efficient way to save for your retirement
  • Deduct your contributions from you income, and pay less tax
  • Open to Canadian residents who have earned income in the previous tax year
  • Open to contributions until age 71, if you want to work longer
  • Make contributions for your spouse or common-law partner too
  • Use your RRSP to buy your first home or fund your education


Your plan, your portfolio

You can choose from a variety of investments to make up your plan, including treasury bills, product offering guaranteed rates of interest, various fund types, bond and equities.


How Jeff Ponting and his team can help

We can work together to create a RRSP plan that suits your future needs, at a level of risk and return you are happy with. If you're approaching retirement and already have a RRSP, we can help you chose how best to sue it to provide a financially secure future into your senior years.


Call us for details on 519-485-5801

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7 St. Andrew Street

Ingersoll, Ontario

N5C 1K6 Canada


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