RRSP (Registered Retirement Saving Program)

The Government of Canada created the RRSP program to help you save for your retirement. It allows you to live, travel, and enjoy life with your children and grandchildren. Enjoy the special tax advantages of RRSPs. MBE is your best post-retirement planning partner.
A registered retirement savings plan allows you to save for retirement, but it can also be used to fund the purchase of your first property (HBP) or to return to school (LLP). An RRSP provides a double tax advantage. First and foremost, the money invested is tax deductible. As a result, you can deduct your contributions from your taxable income and pay less in taxes. Second, as long as no withdrawals are made, the money saved in your RRSP is tax-free.

WHY IS RRSP IMPORTANT

Making contributions to an RRSP reduces your taxable annual income, which results in tax savings for you.
You don’t have to pay taxes on the money you earn in your RRSP as long as you don’t take any withdrawals.
You can utilize money from your RESP to either go back to school (LLP) or purchase your first home (HBP)
To reduce your taxable income and benefit from tax savings, you can make contributions to your spouse’s RRSP.

WHO NEEDS RRSP

Anyone who wishes to lower their tax burden in order to save money for retirement. An RRSP can be funded by any person under 71 with job income. Additionally, funds saved in an RRSP can be utilised to return to school (LLP) or buy a home (HBP). It’s important to realise that there are a variety of investment funds available to suit the requirements of every kind of investor, from the most conservative to the most aggressive.

RRSP (Registered Retirement Saving Program)