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An RRSP is a retirement savings plan that you establish, that we register, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax.
Understanding these regulations will allow you to maximize your retirement savings while not incurring any unforeseen tax penalties. Pretty much everything related to RRSPs is regulated by the Canada Revenue Agency (CRA), which administers tax laws for the federal government.
19 Ιαν 2024 · Opening an RRSP is super easy. The only conditions for eligibility are that you’re under 71 years of age, a Canadian resident (for tax purposes), and that you file income taxes in Canada. You can even sign up if you’re a minor (and good for you for getting such a jump start on your retirement!).
At RBC, we make it easy for you to open a Registered Retirement Savings Plan (RRSP) and help it grow. On top of being a savings tool for retirement, it also may help you lower your tax bill today, by allowing you to deduct contributions (up to your personal deduction limit) from your taxable income.
An RRSP is a savings plan that lets you save for retirement on a tax-deferred basis, so your money grows faster! Learn more.
Here’s why nearly half of Canadians polled invest in an RRSP 1: Use an RRSP to save for retirement while also saving for anything in a TFSA. Contributions reduce your annual income, lowering your tax bill. Taxes on your investment income are only paid when withdrawn.
25 Ιουν 2024 · A registered retirement savings plan (RRSP) is a retirement account registered with the Canada Revenue Agency. Over the course of your lifetime, you can put money into your RRSP to accumulate savings.
