Save for the Future and find Tax savings opportunities!
A Registered Retirement Savings Plan (RRSP) is a type of account created for Canadians by the federal government to help people save for their future while benefiting your taxes. Our team will manage your RRSP portfolio by securing your money in a variety of guaranteed investments.
The benefits of an RRSP and how it works
• RRSPs are tax deductible – This is a great opportunity for people who earn an income (either through the employment of a company or for self-employed people) and want to reduce their annual taxes.
• Reduce family tax rate – for married couples, one can split their RRSP amount to help reduce the tax burden on the spouse that has the highest income.
• Preparing your retirement – Not every company offers a pension plan! By building a foundation towards your personal future, RRSPs can provide funding for living a comfortable retirement.
• RRSP can help you finance your acquisitions – When purchasing your first home; you can contribute a partial amount of your RRSP contributions towards your down payment.
• Guaranteed money – If you encounter a loss of employment or temporary leave, the RRSP funds are always available to you as a source of income.
TFSA Additional Source of a Retirement Savings Plan
The TFSA is an investment option for Canadian residents 18 years and older wanting to save. The account-holder can contribute up to $5,500 a year. Income earned on contributions is not taxed. The TFSA’s flexible structure allows the holder to withdraw money from the account at any time, free of taxes. In essence, the account-holder can withdraw any amount out of the account, free from capital gains and/or withdrawal taxes.
One mechanism in the design of the TFSA is the carry-over aspect. Any unused space under the $5,500 cap can be carried forward to subsequent years, without any upward limit.
For all inquiries and information on RRSPs we invite you to contact us in order for our team to evaluate your needs and best interest.