RRSP – Registered Retirement Savings Plan
Establishing a plan for your retirement can be easier with help.
108 financial is a small investment firm in Toronto that offers retirement savings plans (RRSPs) to assist you. Our team can help outline a plan that works for you and your unique financial goals.
What is an RRSP?
An RRSP is a government-regulated plan that allows you to set money aside, on a tax-deferred basis, for your retirement. You can contribute to an RRSP throughout your working life and draw on the funds when you retire. The money you contribute to your RRSP reduces your taxable income, which can result in an easier way to save for retirement wile deferring taxes.
How much can I contribute to my RRSP?
The amount you can contribute to your RRSP each year is based on your previous year’s earned income and is capped to a maximum contribution limit.
A Registered Retirement Savings Plan, or RRSP, is a smart choice for long-term planning, such as retirement savings, as well as short-term goals like saving for a down payment on a home. A qualified investment may be kept in an RRSP, such as a Guaranteed Interest Account (GIA) or a Segregated Fund.
When it comes to long-term financial planning, the most common concern is whether one will have enough money for retirement. Everybody has a distinct idea of what retirement looks like, so it’s critical that you, with the aid of a Financial Representative, decide how you want your retirement to be.
Your ability to save for retirement can be increased with an RRSP. On your yearly tax return, you are allowed to deduct your RRSP contributions. The fact that you only pay taxes when you remove money from an RRSP makes it a fantastic long-term investment. Since your income tends to be lower once you reach retirement age than it was when you were working, the tax benefits from your RRSP contributions will probably outweigh the taxes you will eventually have to pay.
With special options like these, RRSPs may also give you the chance to borrow against your savings to pay for your first house or to support you or your spouse’s full-time training or education:
- HBP: Home Buyers’ Plan
- Plan for Lifelong Learning
Working with our team to establish your RRSP and create a retirement savings plan can put you on the path towards an easier retirement. Our financial experts can help you make quality decisions for your future while looking at your current income and investment strategy. We can establish a plan for automatic RRSP withdrawals or support to keep you contributing even with income fluctuations, emergencies and more.
We can lay out the roadmap for your retirement in easy terms and with a defined plan for your savings.
If you have found it tough to save for retirement, our 108 financial team is here to help. Schedule an appointment with us today and we can offer RRSP consultations for you in the GTA.
