Registered Retirement Savings Plan (RRSP)
A Registered Retirement Savings Plan (RRSP)is an account setup to help people who want to save for retirement in Canada that also provides tax benefits. RRSP’s are plans that help people maximize on their money at a time that they want to enjoy their retirement.
RRSPs can hold a wide range of financial properties, stocks including savings accounts, guaranteed investment certificates (GICs), bonds, mortgage loans, mutual funds, corporate shares (stocks) and more.
An RRSP is a great way to get a tax break. Put your hard earned money away all year long to get the most return on your investment.
RRSPs are available to help you save for the future, but in case of an emergency the funds are readily available. You do not need to wait for retirement to take money out of your RRSP. However, if you should need to withdraw any money from your RRSP before you retire, you can do so at anytime but you will have to pay tax on this amount.
RRSPs are for people who want to save for the future, the sooner you start a registered retirement savings plan the better as earlier you start the longer your money will have a chance to grow for you. How ever it is never too late to save for the future. If you would like more information on RRSPs or would like to discuss setting up an account, contact me and I’ll be more then happy to help you on your ay to saving for the future.