Registered Retirement Savings Plan (RRSP)
A Registered Retirement Savings Plan (RRSP) is a personal savings plan registered with the federal government allowing you to save for the future on a tax-sheltered basis.
Opening a Self-Directed RRSP at Caldwell Securities Ltd. allows you to invest in a wide variety of investments including equities, bonds, mutual funds and GIC's.
Currently, 18 percent of your earned income up to the annual contribution limit can be contributed to an RRSP. This contribution can be deducted from you total income to reduce your tax owing. Unused contributions can be carried forward to the next tax year.
Tax payable is deferred until retirement (age 71) when income is lower and therefore withdrawls are taxed at a lower rate.
Once you turn age 71 your Self Directed RRSP at Caldwell Securities Ltd. will be rolled into a Self-Directed RRIF or you may withdraw all the funds in the RRSP. This withdrawal will be taxed as income.
To have a Caldwell retirement planning specialist contact you, please click here.
Integrated Grain Processors Co-Operative Inc. ("IGPC")