Registered Retirement Savings Plan (RRSP)
A Registered Retirement Savings Plan
(RRSP) is a tax-sheltered personal investment plan
that is registered with the federal government. Its primary goal is to help you prepare for and fund your retirement
The contributions that you make to your RRSP reduce the tax that you pay on your annual income, but the withdrawals that you make are fully taxable.
The amount of money that you can invest in your RRSP, known as the contribution room, is determined by the income that you have received over the previous years. This carries over from year to year so you have the flexibility to add more money to your RRSP as you save more over the course of your career.
An RRSP allows you to invest your money in a variety of products:
- Mutual funds,
- Segregated funds,
- Individual stocks,
- And several more!
Learn more about RRSP in Mississauga, specially tailored for your lifestyle. Talk to a financial advisor Sunil Bhushan in Mississauga, Brampton, Oakville and Richmond Hill today.