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RRSPs

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What is an RRSP?

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A Registered Retirement Savings Plan is a government approved plan through which you save money for your retirement years. Your contributions, within limits, are tax-deductible, and the income earned is tax-sheltered. You can have any number of plans.

What Does an RRSP Mean to You?

You are investing money when you can most afford it - during your peak earning years - to build up a comfortable retirement fund.

Not only do you invest some money that would otherwise be paid in taxes, but the earnings of your plan are not taxed until you withdraw them. Since 100% of these earnings can be reinvested and compounded, the growth of your RRSP increases rapidly over the years.

What Happens at Retirement?

The first stage of an RRSP is to accumulate retirement savings. The next stage is to provide retirement income. Your accumulated savings may be invested in a variety of options to provide a retirement income which can continue for life. Only the retirement income payments are taxed each year as you receive them, thus spreading the taxation of your accumulated savings over your retirement years.

Who is Eligible to Contribute?

Anyone with "earned income" subject to Canadian taxations may contribute to an RRSP. Even if your earnings are not taxable, you should file a tax return to report your earned income and create RRSP deduction room.

You can make part or all of any contribution to a plan in spouse's name. You, as the contributor, are still entitled to the tax deduction. Contributions can be made until the end of the year in which the plan holder's 69th birthday occurs.

RRSP Deduction Limits

Your Notice of Assessment from Revenue Canada, received after filing your tax return, will state your RRSP deduction limit for the following year. Any time after receiving this Notice, you can also telephone the Revenue Canada TIPS line to confirm your deduction limit. The calculation of the amount will depend on whether you are a member of a pension plan, and if you are, the type of pension plan.

Your RRSP deduction limit does not include special transfers to your RRSP.

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