Registered Retirement Savings Plans

A Registered Retirement Savings Plan is a government-approved plan that you can use to save money that you will use during retirement.  Contributions that you make are tax deductible and any income earned on these investments is tax sheltered.  To be eligible to contribute to an RRSP, you must have earned income and be less than 71 years of age. 

Contributions can be made throughout the year as well as during the first 60 days of the following year and can be used for a specific taxation year.  Contributions can be made into a plan in your name or that of a spouse.  Take advantage of spousal contributions which allow the spouse in the higher tax bracket in retirement to contribute to the lower income bracket spouse, and receive the official receipt that is tax deductible.  Then when the funds are eventually withdrawn, the income is taxed at the lower spouse’s tax rate. 

Tax will only be paid at the time of withdrawal, hopefully when you retire and are in a lower tax bracket.  If you do require funds earlier, withdrawals are subject to withholding tax and are remitted to the government on your behalf. 

All registered products held in a savings or term deposit are insured by Deposit Insurance Corporation of Ontario (DICO).

Learn More about RRSPs.


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