Registered Retirement Savings Plans (RRSP)
This method of tax deferral is one of the most significant tax planning ideas available to Canadian taxpayers. By making contributions to a plan not later than 60 days after the current year-end, a deduction from income can be taken in the current year for the amount within certain limitations. An immediate tax saving results and the tax refund can be reinvested or used currently for personal purposes. What's more, income earned on contributions accumulates tax-free. When contributions are withdrawn, they are included in income; however, given that this will normally occur during the taxpayer's retirement years, they will typically be taxed at a lower marginal rate as retirees tend to have less income than they did during their working years.
Call us today for additional information on:
- Contribution Limits
- Spousal Plans
- Unused RRSP room
- General plans & self-administered plans
- Converting your RRSP to a Registered Retirement Income Fund
- RRIF, Annuity, Guaranteed Retirement income
- Retiring allowance....Transfering you retirement benefits from your employer
Creating a guaranteed lifetime income is paramount. Let us assist you in setting up a plan that provides you with worry free income and income that will last.