Save for Retirement or your First Home.
Making investing easier so you can focus on the things that really matter to you. We’ll take the time to understand you and your goals. Invest in award-winning 5 STAR funds that are designed to weather the storms and deliver real results in long run. Lower your taxes while growing your nest egg for retirement! A Registered Retirement Savings Plan (RRSP) is a government-regulated investment account with special tax benefits to help you maximize your retirement savings. Deductible contributions to an RRSP help reduce your taxes, and any income you earn on your investments while in the plan grows tax-deferred.
Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan; you generally have to pay tax when you receive payments from the plan. December 31 of the year you turn 71 is the last day that you can contribute to your RRSPs. You may want to set up a spousal or common-law partner RRSP. This type of plan can help ensure that retirement income is more evenly split between both of you. The benefit is greatest if a higher-income spouse or common-law partner contributes to an RRSP for a lower-income spouse or common-law partner. The contributor receives the short-term benefit of the tax deduction for the contributions, while the annuitant, who is likely to be in a lower tax bracket during retirement, receives the income and reports it on his or her tax return.