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What is an RRSP?
A Registered Retirement Savings Plan (RRSP) is a retirement savings plan designed primarily for saving toward your retirement years. As a retirement savings vehicle, regulated by the Government of Canada, RRSPs have special tax benefits. Your annual RRSP contribution can greatly reduce the amount of income tax you pay in that year and the money you put away can have years of tax-deferred growth potential. You only pay tax on the amounts you withdraw. RRSPs are available through chartered banks, trust companies and other financial institutions.
Contributions to an RRSP can only be made by individuals with "earned income" taxable in Canada, which includes salaries, self-employment income, maintenance and alimony payments, and net rental income (but does not include income from pensions or investments). Certain other types of income may be eligible -- consult a tax advisor or Canada Revenue Agency (CRA).
CRA issues statements to individual taxpayers with their "Notice of Assessment" informing them of their RRSP contribution limit for the following year.
>> Learn more about your RRSP investment options and to apply.
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.