Registered Retirement Savings Plan
It's never too early to begin saving for retirement
A Registered Retirement Savings Plan (RRSP) allows you to make tax-deferred contributions toward retirement savings. By deferring taxes on the growth within the plan to a time in the future (like retirement) when you will likely be in a lower tax bracket, you can save money. What�s more, the money you contribute can be used to reduce earned income for tax purposes during your pre-retirement years.
Quick facts:
- An RRSP can be opened at any time but must be collapsed by the end of the year in which the annuitant turns 71 years old
- For 2007, the limit on yearly contributions is the lesser of 18% of earned income or $19,000
- Up to 100% of your RRSP may be invested in foreign holdings
- The contribution deadline for the 2007 tax year is February 29, 2008
Talk to one of our experts about how to customize a RRSP to effectively and tax-efficiently plan for your retirement years.
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