Registered Retirement Savings Plan

​Characteristics and advantages of an RRSP:

  • Maximum contribution limits can reach an amount equal to 18% of income earned the previous tax year or a fixed ceiling if your income is high. 
  • Unused contributions can be carried forward year after year. 
  • All contributions are deducted from your taxable income, which lowers the tax you pay and can make you eligible for a refund. 
  • Income earned in your RRSP is not taxed until it is withdrawn. 
  • Funds in the RRSP can be used to help you buy or build your first home (Home Buyer’s Plan) or to go back to school (Lifelong Learning Plan). 
  • Upon retirement or, at the latest, the year you turn 71 years of age, you must convert your RRSP to a Registered Retirement Income Fund (RRIF)  or an alternate retirement savings vehicle.
(416) 275-3581​
2978 Islington Ave, Suite 203
North York, ON M9L 2K6
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