What is a Registered Retirement Savings Plan?A registered retirement savings plan (RRSP) is an investment in your future, with benefits you can enjoy today. By contributing to an RRSP, you can take advantage of substantial tax savings now, and enjoy peace of mind in knowing you’ll have secure retirement funds in your future. Plus, investing in an RRSP is a great way to reduce your taxable income.
How much can I contribute?Check your limit on the Notice of Assessment that Canada Revenue Agency sent you after processing your tax return last year. Your RRSP contribution limit is noted there, including any unused room.
The Tax Information Phone Systems (TIPS) will also give your current contribution limit. (Call Toll Free: 1-800-267-6999). You must have your SIN and your previous year’s tax return when you call.
Who is eligible?If you have earned income, you can contribute to an RRSP up until December 31 in the year you turn 71.
Contact us today to discuss your RRSP options at 519-744-3020 or email email@example.com