Registered Retirement Savings Plans
An RRSP gives you the benefit of a tax deduction today, and tax-sheltered compounded growth for tomorrow. Plus, your RRSP dollars are completely tax sheltered as long as they remain in the plan. Combined with the most important ingredient of all-time your RRSP can turn into a sizeable retirement nest egg. Through small monthly deposits you can maximize your annual contribution and accelerate your tax-sheltered savings.
Anyone with earned income, subject to Canadian taxation, including non-residents, can contribute to an RRSP. You may contribute to your own RRSP, or choose to make part or all of your contribution to a plan in your spouse's or common law partner"s name. You, as the contributor, are still entitled to the tax deduction, but the plan will be owned by your spouse or partner. This allows you to split the income from the plans with your partner upon retirement or withdrawal.
The sooner you start contributing to your RRSP the better off you'll be when it comes to enjoying your retirement years.
Click here to read our RRSP Brochure.
Benefits of an RRSP
With an RRSP, you will benefit both immediately and in the future. An RRSP allows you to save for your retirement years, while decreasing the amount of tax you pay today. 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.
You are investing money when you can most afford it during your peak earning years - to build up a comfortable retirement fund.
To view the full Terms and Conditions for our Registered and Non-Registered Term Deposits, please click here.
The RRSP Terms and Conditions have been amended to reflect changes to the Income Tax Act and supersede any and all previously published terms and conditions relating to your RRSP. Please click here to view the updated terms and conditions.
What are RRSP Deduction Limits?
Your Notice of Assessment from Canada Revenue Agency (CRA), received after filing your tax return, will state your deduction limit for the following year. You can also phone the CRA TIPS line at 1.800.267.6999 to confirm your deduction limit.
What if I don't use all of my deductions?
If you don't claim your maximum RRSP deduction, you can carry forward the unused deduction room indefinitely. If you don't have the cash to contribute now, you can make larger catch-up contributions in future years. But remember, you maximize your retirement savings by making each RRSP contribution as early as possible.