Retirement Savings Plans

Registered Retirement Savings Plan (RRSP)

A registered retirement savings plan (RRSP) is a flexible, attractive savings tool. In addition to reducing your tax bill, it enables you to accumulate significant amounts and to defer income tax on your investment returns. The sooner you start saving, the more quickly your savings will start working for you.

Who Should Consider an RRSP?

  • Any person under the age of 71 who has employment income.

Features and Advantages

  • You deduct the amounts paid from your taxable income.
  • You obtain an income tax deferral on your investment income.
  • Your protection against financial market fluctuations may attain and even exceed 100% of the capital invested.
  • You may pay by pre-authorized cheques if you wish.
  • Amounts withdrawn are taxed according to the tax tables in effect.

Under the regulations, an RRSP must be converted to a registered retirement income fund (RRIF), or another retirement income instrument by December 31 of the year you turn 71.

A Subsidiary of iA Financial Group