Registered Retirement Savings Plan

A registered retirement savings plan (RRSP) allows you to save for your retirement while receiving tax benefits and tax sheltering. Your contribution room is based on your previous’ year income plus any carry forward room you may have. Your RRSP contributions can be deducted from your gross income reducing the amount of income tax that you pay, allowing you to grow your retirement savings faster by deferring the tax on your investment growth.

Moreover, you can borrow from your RRSP under the First Time Home Buyers’ Plan or LifeLong Learning Plan without penalty as long as it is repaid during the time specified by the Canada Revenue Agency. You can visit the Canada Revenue Agency website for more details on these respective government programs and speak to one of our trusted advisors to begin saving for a well-deserved retirement.