An RRSP is a retirement savings plan that you establish, that we register, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax.
Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan; you generally have to pay tax when you receive payments from the plan.
You may want to set up a spousal or common-law partner RRSP. This type of plan can help ensure that retirement income is more evenly split between both of you. The benefit is greatest if a higher-income spouse or common-law partner contributes to an RRSP for a lower-income spouse or common-law partner. The contributor receives the short term benefit of the tax deduction for the contributions, while the annuitant, who is likely to be in a lower tax bracket during retirement, receives the income and reports it on his or her tax return.
You may want to set up a self-directed RRSP if you prefer to build and manage your own investment portfolio by buying and selling a variety of different types of investments. For more information on eligible investments.
December 31 of the year you turn 71 year of age is the last day you can make a contribution to your RRSP or you can contribute to an RRSP under which your spouse or common-law partner is the annuitant until the end of the year your spouse or common-law partner turns 71.
You can transfer certain types of payments to an RRSP or from one registered plan to another, such as a registered pension plan (RPP), registered retirement income fund (RRIF), specified pension plan (SPP) or a deferred profit sharing plan (DPSP). Tax tip: You have to transfer certain payments directly. To make sure that these funds are transferred tax-free, you must ask the payer to transfer the funds directly.
Any income you earn in the RRSP is usually exempt from tax for the time the funds remain in the plan. However, you generally have to pay tax when you cash in, make withdrawals, or receive payments from the plan.
If you own locked-in RRSPs, generally you will not be allowed to withdraw funds from them. If you do not know if your RRSPs are locked in, contact your RRSP issuer. If your RRSPs are not locked in, you can withdraw funds at any time.
At any age up to the end of the year you turn 71, you can choose one of the following options for your RRSPs:
You can transfer your RRSP funds to a registered retirement income fund (RRIF).
You can use your RRSP funds to purchase an annuity.
* Source: CRA
For more information, please contact us at 1 (800) 884-212.
“Hello Bruce C and Tugo Claims Department. I received reimbursement for the additional costs we paid to Spring Valley Hospital when Ken was a.."
“Bruce always gives a speedy response to our questions which is very much appreciated. Always very helpful with good advise.Excellent custome.."
“My wife and I travel regularly into the US for family events and to enjoy RV’ing. We are finally able to travel at ease having secured TuG.."
“Since purchasing our travel insurance with Bruce Cappon at First Rate Insurance my wife and I feel very comfortable that we are fully covere.."
“Re: Cancellation of Insurance: I was booked to go overseas from Canada fully covered by First Rate Insurance. Unfortunately due to infecti.."
“Hi Bruce, Thanks for your assistance in getting the premium refund for our unused travel time. We appreciate the great service that you prov.."
“Hi Bruce, just wanted to let you know that we received the full amount claimed re our trip interruption due to bad weather. Our friends who .."
“Hello Bruce, I want to thank you for your outstanding help every step of the way, especially all the prep work prior to actually buying the .."
“My wife and I feel very fortunate to have been introduced to Bruce through his article on travel insurance in “Canadian Moneysaver” maga.."
“It is more than 17 years ago that we contacted Bruce and signed our first life insurance contracts. As clients we felt, he has our best in.."
“Dear Bruce, Back in March of this year, my husband was hospitalized in Brandon, Florida for an emergency TIA, (mini stroke). We have been in.."
“I have been receiving insurance advice from Bruce since 1997 on a variety of insurance products. When buying life insurance, disability, cri.."
“Your timely and informative article “Insurance Coverage Even When You Make A Mistake”, recently published in the “Moneyvil.."
“Dear Bruce, I am writing to thank you and First Rate Insurance Inc. for providing my daughter with a policy from TUGO (formerly Travel Und.."
“Our efforts to secure reliable travel medical insurance was proving to be a difficult task. Finding insurance coverage for a senior couple w.."
“Just dropping you a line to thank you and say how much I enjoyed your two articles about health travel insurance. I am a cancer survivor a.."
“Hi Bruce, Just wanted to thank you for all your time and patience discussing our medical insurance options this afternoon. You are a very .."
“Dear Peter: Bruce Cappon published an article in the January 2012 MoneySaver. It was most informative. I would speculate probably a lot of y.."