Registered Retirement Savings Plan

• R.R.S.P.
• R.R.I.F.
• T.F.S.A.
• R.E.S.P.
• G.I.C.
• Segregated Funds
• Annuities
• L.I.R.A. & L.I.F.

A Registered Retirement Savings Plan (RRSP) is a retirement plan that is registered with the federal government and that you or your spouse or common-law partner establish and contribute to. 

Deductible RRSP contributions can be used to reduce your tax. Any income you earn in the RRSP is exempt from tax for the time the funds remain in the plan. However, you generally have to pay tax when you cash in or receive payments from the plan.

Other qualified RRSP investment options

For a list of qualified RRSP investment options please contact our office for more details.

Spousal RRSPs

With a spousal RRSP, you can direct part or all of your maximum allowable contribution to an RRSP in your spouse's name. A spousal RRSP will help you save tax during retirement through income splitting, since the income eventually created from the funds will then be taxed at your spouse's lower tax rate.

Withdrawal Options

• RRIF (Registered Retirement Income Fund)
• Home Buyers Plan
• Lifelong Learning Plan

You can withdraw from RRSPs to buy or build a home for yourself or for someone who is related to you and is disabled. (Home Buyers' Plan).  Please note that restrictions apply.

You can withdraw from RRSPs to finance training or education for you or your spouse or common-law partner. (Lifelong Learning Plan)

*Source - AIM Trimark. - RRIF Bulletin
** Applies to all provinces except Quebec.

At your request, your RRIF provider can withhold more tax than the minimum required. This can be a convenient way of ensuring that sufficient tax is being deducted at source to fend off quarterly income tax installment payments.

Estate Considerations

RRIFs also offer simplicity in estate planning. If you die, your spouse or partner can continue to receive income from your RRIF or the account can be transferred tax-free to their RRIF or RRSP. Or, the remaining balance can be paid to your estate or beneficiary.

Investment Choices

Like RRSPs, RRIFs come in all shape and sizes. Because they can be customized to meet your retirement income needs, your first step should be to contact Achieve Financial for more information.