PRODUCTS
RRSP STANDS FOR
WHAT IS REGISTERED RETIREMENT SAVINGS PLAN?
max age to contribute to rrsp
71
WHO CAN CONTRIBUTE TO RRSP
Anyone with "earned income" subject to Canadian taxation, including non-residents, may contribute to an RRSP
True or False:
Members can borrow funds to contribute to their RRSPs.
TRUE! Members can borrow through either the RRSP Re-advanceable loan or the RRSP Top Up loan to contribute to their RRSPs.
spousal rrsp
To set up a spousal RRSP, the member's spouse applies for a plan in their own name, even though they may not have any earned income. Spousal RRSPs are one of the few practical means of income splitting for couples; they can help defer taxes right away and reduce taxes in retirement.
how to make W/D
To facilitate a withdrawal or transfer front-line staff would complete a form, depending on the purpose of the withdrawal request, which is then submitted to the Registered Plans Administration department.
contribution room?
Contribution room is the pre-determined amount allotted by the government that each individual can invest in their RRSP. The amount allowed is 18% of the earned income declared on the previous year's tax return, up to a maximum amount set by the government.
What can a member do with a locked-in RRSP if they leave their job?
Transfer the plan to certain locked-in plans.
contribution deadline?
Members may contribute to their RRSPs at any time during the year. Contributions made during the first 60 days of any year may be deducted for the current taxation year or for the immediately preceding taxation year.
can i carry forward?
If members are unable to contribute the maximum amount, their contribution room will carry forward until the age of 71.
4 REASONS RRSP ARE BENEFICIAL
tax deductible
tax sheltered
spousal contributions
life long learning plan
first time home buyers plan