Registered Retirement Savings Plan
Saving money for your future retirement can be done easily and tax efficient by depositing to a Registered Retirement Savings Plan.(RRSP) . These deposits, like RRIF accounts, are insured by the Deposit Insurance Corporation of Ontario, regardless of the amount. Interest earned inside a RRSP is tax sheltered until it is withdrawn. However, under some circumstances such as using the funds for a downpayment for a new home (first time buyers only), funds can be withdrawn tax free. Contact us for complete details. RRSP deposits can be invested in variable compounding accounts with interest paid quarterly. Deposits are also available for or 1-5 year terms with interest paid annually or compounded. .
Remember, deposits made into a RRSP can be tax deductable for the preceding year if deposited by March 1st of the following year.