RRSP Advise
An RRSP (Registered Retirement Savings Plan) is an investment plan that is set up through a financial institution and registered with the government. One can invest in a variety of investments in their RRSPs including stocks, mutual funds, savings accounts, and term deposits.
When one contributes into their RRSP, they are entitled to deduct this amount from their taxable income which could result in a tax refund. Any earnings from those investments are not taxed within the RRSP; however, withdrawals from the RRSP are taxable.
When one contributes into their RRSP, they are entitled to deduct this amount from their taxable income which could result in a tax refund. Any earnings from those investments are not taxed within the RRSP; however, withdrawals from the RRSP are taxable.
An RRSP (Registered Retirement Savings Plan) is an investment plan that is set up through a financial institution and registered with the government. One can invest in a variety of investments in their RRSPs including stocks, mutual funds, savings accounts, and term deposits.
When one contributes into their RRSP, they are entitled to deduct this amount from their taxable income which could result in a tax refund. Any earnings from those investments are not taxed within the RRSP; however, withdrawals from the RRSP are taxable.
When one contributes into their RRSP, they are entitled to deduct this amount from their taxable income which could result in a tax refund. Any earnings from those investments are not taxed within the RRSP; however, withdrawals from the RRSP are taxable.
Who Should have an RRSP
Any Canadian between 18 and 71 who earns income should consider taking advantage of the benefits that an RRSP offers. It is especially important for anyone that wants to maintain the same standard of living during retirement to start saving as early as possible. Even if your employer supplements your pension plan with contributions, it may not be enough for the retirement you want.
Consult us today to learn more about the RRSP Benefits listed below!
Consult us today to learn more about the RRSP Benefits listed below!
Who Should have an RRSP
Any Canadian between 18 and 71 who earns income should consider taking advantage of the benefits that an RRSP offers. It is especially important for anyone that wants to maintain the same standard of living during retirement to start saving as early as possible. Even if your employer supplements your pension plan with contributions, it may not be enough for the retirement you want.
Consult us today to learn more about the RRSP Benefits listed below!
Consult us today to learn more about the RRSP Benefits listed below!
Benefit of RRSP
-
Tax savings now
Every dollar you contribute to an RRSP can reduce your taxable income for that year, which means you pay less tax. -
Tax-sheltered growth
Your initial investment and investment earnings continue to grow in your RRSP, sheltered from tax until the money is withdrawn. This helps you grow your investments and reach your retirement goals sooner. -
Flexible for your goals
You can borrow from your RRSP for some of life's major milestones - buying your first home through the Home Buyers' Plan offered by the Government of Canada and pursuing an education through the Lifelong Learning Plan offered by the Government of Canada.