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Whether you are just starting in the workforce or approaching retirement, a solid retirement plan will help ensure you have enough savings to sustain a comfortable lifestyle in retirement. Whatever your retirement goals are, the key to reaching them lies in starting early, and contributing regularly. RRSP is a registered retirement plan in which funds contributed to the plan are deducted from taxable income, thus reducing the amount of tax you pay now. Furthermore, the funds you accumulate in your RRSP grow in a tax deferred state until they are withdrawn from the plan. This can significantly impact the amount you have at retirement. You, your spouse or common-law partner can contribute to an RRSP up to and including 69 years of age, but at that time must collapse the plan by either cashing in all the funds, converting the plan into a Registered Retirement Income Fund (RRIF) or purchasing an annuity. You can withdraw funds from an RRSP through a Home Buyer's Plan to buy or build a home for yourself or for someone who is related to you and is disabled, or you can withdraw funds through a Lifelong Learning Plan to use for training or educations' for you or your spouse or common-law partner. Our team of experienced financial services representatives can show you how a retirement plan can help you enjoy your retirement! Contact us for more information. |
