01/31/2021
If you are like most Canadians, chances are you could use some help from me when it comes to saving for your retirement. When used to its full advantage, a Registered Retirement Savings Plan (RRSP) can be a powerful tool that can save you money on your annual tax return while helping your savings grow. RRSPs can work well if you contribute while you are in a high tax bracket (while you are working) and withdraw when in a lower tax bracket (when you are retired).
An RRSP is a retirement account that is registered with the Canada Revenue Agency (CRA) and that you or your spouse make contributions to. Because deductible contributions can be used to reduce your tax and because income or growth earned in the plan is usually exempt from tax while the funds remain in the plan, an RRSP acts like a tax shelter that provides you with a powerful incentive to save money for your retirement years.
Besides savings income tax there are few other advantages which are of great concern for new and young Canadians. To discuss these at length or setup one for you
please feel free to call or write an email.