Registered Retirement Savings Plan (RRSP)
Are you looking for more information about Registered Retirement Savings Plans (RRSP’s) in Maple Ridge & Pitt Meadows, BC?
A Registered Retirement Savings Plan (RRSP) can be an effective tool in helping you save for your future and retirement needs. With an RRSP in Maple Ridge you have the ability to use it in other ways too, like purchasing your first home and covering education costs.
What Is An RRSP
An RRSP in Maple Ridge is a personal savings plan that is registered with the federal government allowing you to save for your retirement on a tax sheltered basis. Having this ability to grow tax free has the potential to increase and compound your investment faster. Contributions to an RRSP in Male Ridge can be made by individuals under the age of 72 who have an “earned income.”
Some Of The Benefits Of An RRSP
- By contributing to an RRSP in Maple Ridge during your income earning years you can receive tax deductions when your income is usually highest. This amount you contribute each year can be deducted from your gross income at tax time, reducing the amount you pay in income tax that year
- The income earned in your RRSP in Maple Ridge is not taxed until it is withdrawn, allowing it to grow tax sheltered and potentially grow quicker while it stays in the RRSP
- When you start to withdraw funds at retirement (and convert to a RRIF), you’ll likely be in a much lower tax bracket than during income earning years. The funds withdrawn at this time will benefit from a lower tax rate
Note: for all of the important full details on Registered Retirement Savings Plans (RRSP’s) please visit the CRA website at http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/rrsps-eng.html
At Manion & Associates Financial Services we have been helping people with their RRSP’s in Maple Ridge for over 15 years. As a full service financial planning firm we have access to a wide variety of investment, insurance and deposit options that can be held inside an RRSP in Maple Ridge. Having this flexibility allows us to use the product that best suits your individual situation.