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Registered Retirement Savings Plan (RRSP)
A registered retirement savings plan
(RRSP) is a flexible, attractive savings tool. In addition to
reducing your tax bill, it enables you to accumulate significant amounts
and to defer income tax on your investment returns. The sooner you start
saving, the more quickly your savings will start working for you.
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Who Should Consider an RRSP?
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Any person under the age of 71 who
has employment income.
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Features and Advantages
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You deduct the amounts paid from
your taxable income. |
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You obtain an income tax deferral on your
investment income .
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Your protection against financial market fluctuations may attain
and even exceed 100% of the capital invested.
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You can borrow to increase your contributions through the
RRSP
loan.
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You can protect your savings against potential creditors*.
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You may pay by pre-authorized
cheques if you wish.
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You pay no annual administration fees.
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Amounts withdrawn are taxed according to the tax tables in effect.
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*Certain conditions apply.
Under the regulations, an RRSP must be converted
to a registered retirement
income fund (RRIF), or another retirement income instrument by December
31 of the year you turn 71.
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Products Available
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When you enrol in an RRSP, you can invest
in the following investment
vehicles:
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Daily Interest Funds
For persons wishing to accumulate money to make investments and
accumulate interest on a daily basis.
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Ecoflex Investment Funds
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A range of investment funds which offer a full guarantee of your capital and medium- to long-term growth potential. In addition, amounts generated by your investments, over and above your deposits, may also be protected.
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