The RRSP is an investment plan designed primarily for your retirement savings. This is a retirement saving vehicle regulated by the Canadian Government and they have special tax benefits. The contribution you make to RRSP can greatly reduced the amount of income tax you pay annually. You only need to pay tax on the amounts you withdraw. You can invest this money in different investments. Anyone who is under the age of 71 who has income through employment can make RRSP contribution.
Contributing to your Registered Retirement Savings Plan (RRSP) not only helps you save for the future, it can help reduce the amount of income tax you pay.
Why not push your contribution limits with the help of a RRSP Loan. See the following article for details
(Article) The "bigger bang" RRSP strategy
Consider accelerating your RRSP contribution with an RRSP loan.
Following are a few more articles and videos to provide you with valuable information to help make your finances easier to understand. Click on the links below to view some interesting financial strategies and concepts.
(Article) Make the most of your RRSP
Tap into your RRSP's full potential with these six tips.
(Video) Tax questions
Are you thinking of everything? As we approach tax time, here are some things to think...
(Article) Should I contribute to a TFSA, RRSP or both?
Determine which plan is best for you
If you would like to discuss any of the ideas or strategies outlined below or you have any questions, please contact me. We can review your financial goals to ensure you are prepared for the future.
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