RRSPs: Save Tax Now, Pay Later

What is an RRSP?

An RRSP is a registered savings plan designed by the Canadian government to encourage long-term savings for retirement.

Benefits of RRSPs:

• Tax-deductible contributions
• Tax-free investment earnings until withdrawal
• Various investment options available

How to Open an RRSP:

You can open an RRSP through banks, credit unions, and investment firms. To contribute to an RRSP, you must meet certain eligibility requirements set by the government.

RRSP Contribution Limits:

The maximum amount you can contribute to your RRSP each year is determined by your income. You can find your contribution limit on your Notice of Assessment or through the Canada Revenue Agency (CRA) website.