RRSPs allow you to save for retirement with the bonus of tax benefits.
Investing in RRSPs can be done in many ways – including Term Deposits, Mutual Funds*, and cash. If you’re married or common law, consider a spousal RRSP to reduce total taxable income by investing more in the name of the spouse who will most likely be in the lower income bracket at retirement.
Save more money as RRSP contributions aren’t taxed until withdrawn. Your investments are tax sheltered, so they grow quicker and provide a considerable foundation for your retirement.
Contributing to a spousal RRSP allows you to contribute money to your partner’s plan. When a contribution is made, the contributor receives a tax deduction which could reduce overall tax owing and keep both parties in a lower tax bracket once in retirement. It’s important that both parties are aware of the rules of attribution.
Withdraw your money to help pay for the down payment of your first home, or for your or your spouse’s education, without penalty (provided it’s paid back within a specific time frame).
It’s never too early or late to start saving for retirement. Our Advisors are here to help make sure your plan is right for your future.
*Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.
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