REGISTERED RETIREMENT SAVINGS PLANS (RRSP)

An RRSP is a retirement investment fund which is brought into the action by the Canadian Government. By contributing in this savings plan, you will enjoy the benefits of compound growth after the scheme reaches maturity. Usually, the maturity period ranges in between 30-40 years.

Regulations:

Age Limit

  • Your age should be under 71 years.

Condition

  • You timely pay your income taxes to the Government of Canada.

Contribution Room

  • Lesser of 18% of your yearly earned salary and $22,970 (2012).

Carry-Forward
If somehow you miss to pay this year, the contribution amount for this term can be carried over to the next term contribution limit.

RRSP Withdrawal Information

One of the best advantages of the RRSP is that all savings which you put into the arrangement can be deducted from your taxable income. When funds are pulled back from the plan, in any case, they are liable to a withholding tax.

RRSP Over-Contribution

There is a lifetime remittance for over-commitments of $2,000. Taxes may be put on over-contribution exceeding this amount.

Ace Financial Group Inc. is the leading provider of RRSP plans in Mississauga and Ontario. Remember, there is no better time to start investing in an RRSP than now. Retirement plans made easy only with Ace Group Mississauga, contact us now!