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Sharon Kubicek
Alisa Carli
Christine Duggan

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1 First Canadian Place
40th Floor , P.O. Box 150
Toronto, ON
M5X 1H3
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Retirement Savings

RRSPs

An RRSP is one of the most effective retirement saving and investing tools available to most Canadians.

RRSPs were introduced to allow Canadians to save for retirement in a tax-efficient manner. Currently, 18 per cent of earned income up to the annual contribution limit can be contributed to an RRSP and deducted from total income. Any unused contribution room is carried forward to be used in future years. The tax on RRSP contributions, and on the income earned within RRSPs, is deferred until funds are withdrawn from the plan. Since income during retirement can often be much lower than during an individual’s working years, withdrawals from a registered plan are generally taxed at a lower rate than would otherwise apply.