Retired Registered Saving Plan
A Registered Retirement Savings Plan (RRSP) is a tax-deferred account designed specifically for retirement savings. Any resident of Canada under the age of 71 who has earned income may establish and contribute to an RRSP. In general, an individual’s RRSP contribution limit is determined by taking the lesser of 18% of the individual’s previous year’s earned income and the current year’s RRSP dollar limit. Check your last year of assessment from CRA to determine your RRSP Contribution. Money contributed to a company pension plan and unused contribution from previous years adjust an individual’s contribution room.
RRSPs must be converted to Registered Retirement Income Funds (RRIFs) by the end of the year you turn 71. We offer you an opportunity to consolidate all of your RRSP holdings into one account. This will allow you to easily monitor your investment strategy. Additionally, you can make this year’s contribution at the same time as you consolidate your Holdings.
Call us today at 905.405.1200 to discuss about your investments and how to secure your financial future and protect your assets!