Registered Retirement Savings Plan

How am I Going to Retire?

Statistics suggest we will spend fewer years working than previous generations and that we anticipate longer, more active retirements. However, as retirement approaches you may rightly feel concerned about whether you have saved enough.

Our team can help you save for retirement with the Registered Retirement Savings Plan (RRSP). Contributions to RRSPs are tax deductible and money invested in the plan grows tax deferred. That means your money grows faster inside an RRSP than when invested in a non-RRSP account. To make sure you have a comfortable retirement, plan to take full advantage of the considerable benefits of RRSPs.

If saving for retirement is your primary focus, a solid investment plan can make the difference between a comfortable retirement and one that is inadequately financed. Feel free to contact one of our team members if you have any questions regarding RRSPs.

RRSPs - Did You Know…?

  • You don't have to deduct your RRSP contribution in the year it is made. You can defer the deduction to a future year when your income may be higher than normal.

  • You can make a one-time $2,000 over-contribution to your RRSP without penalty.

  • You can contribute to an RRSP for your spouse or common-law partner, based on your contribution room, and deduct it on your tax return. This achieves income splitting which can reduce your family’s overall tax liability.

  • You don't have to wait for March 1st to make your contribution – contribute today.

  • You can set up an automatic contribution plan for your RRSP.

  • You can contribute qualified investments you already own directly to your Self-Directed RRSP.

  • Provided you have unused RRSP room and are not over 69, you can continue to make an RRSP contribution for yourself – even if you are retired. If you are over 69, but your spouse or common-law partner is not, you can make a spousal contribution provided you have unused RRSP room