Registered Retirement Savings Plan

Saving for retirement has never been more important. The best way to ensure you’ll have the money you need to enjoy your retirement is to stick to a simple and consistent savings plan.

A Registered Retirement Savings Plan (RRSP) is a great way to save for the future. It allows you to contribute pre-tax funds so you can benefit from tax deductions, and then use it when you’re ready to retire. Contribution limits are based on your income amount, so make sure you know the maximum amount that you can contribute to an RRSP before investing in one. This type of plan is valuable because it offers a degree of financial stability when you are ready to retire. Investing in an RRSP offers long-term peace of mind and financial security decades down the road.

Key Benefits
Reduce Your Taxable Income

You can defer paying taxes on your RRSP until you withdraw it. At that point, you’ll likely be in a lower tax bracket, ensuring you pay less tax overall.

Earn Compound Interest

Since earnings are reinvested, benefit from compound interest and watch your money grow. What’s more, your contributions are tax-deductible and your savings are protected from creditors.

Enjoy Flexibility

Use your RRSP to meet your needs, whether that’s withdrawing up to $35K tax-sheltered to purchase your first home or converting your RRSP into an RRIF for regular payments at retirement.

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