Registered Retirement Savings Plan (RRSP)

Retirement Plans provide you with financial security so that when your professional income starts to ebb, you can still live with pride without compromising on your living standards. By providing you a tool to accumulate and invest your savings, these plans grow tax sheltered and accumulates on retirement, which can be used to get regular income through an annuity plan, RIF or taken as lump sum. Given the high cost of living and rising inflation, employer pensions alone are not sufficient. Retirement planning has therefore become critical today..


Contributions to an RRSP reduce you taxable income in the year of contribution and as such reduce your tax liability. Income earned within RRSP is sheltered from taxation. But when you withdraw from an RRSP, the withdrawals are fully taxed as income.

You can have RRSP for yourself or for your spouse (Spousal RRSP). Contributions to the spousal RRSP plan must remain in the plan for the remainder of the contribution year plus the next two full calendar years. If the funds are withdrawn sooner than this, they will be taxed back in the contributor's hands.

RRSP can also be used for

RRSP options at Retirement

Investment Option
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