Registered Retirement Savings Plan - RRSP

An RRSP is your best opportunity to save for a worry-free retirement. An RRSP gives you the benefit of a tax deduction today, and tax-sheltered compounded growth for tomorrow. Plus, your RRSP dollars are completely tax sheltered as long as they remain in the plan. Your RRSP can turn into a sizeable retirement nest egg. Through small monthly deposits you can maximize your annual contribution and accelerate your tax-sheltered savings.

Who is Eligible to Contribute?

Anyone with earned income subject to Canadian taxation, including non-residents, may contribute to an RRSP. Even if you are not taxable, you should file a tax return to report your earned income and create RRSP deduction room. You can make part or all of any contribution to a plan in your spouse’s or common-law partner’s name. You, as the contributor, are still entitled to the tax deduction. Contributions can be made until the end of the year in which the planholder's 71st birthday occurs.

RRSP Deduction Limits

Your Notice of Assessment from Canada Revenue Agency, received after filing your tax return, will state your RRSP deduction limit for the following year.

Official Receipt

After your RRSP contribution has been processed by the Credit Union, you will receive an official receipt. This must be filed with your tax return for that year even if you choose not to deduct it until a later year. Financial institutions are required to report all RRSP contributions to CRA. If you do not report the contribution on your tax return for that year, the CRA will contact you.

Investments

Williams Lake and District offers variable and fixed rates. Please contact your branch for more information.

More Information

To view our RSP brochure click here.

For more information about RRSPs and related products, visit: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/menu-eng.html

 

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