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Registered Retirement Savings Plans

  • Registered Retirement Savings Plans ( RRSPs) were established in 1957 to encourage Canadians to save for their Retirement.

  • The Maximum RRSP Deduction Limit is set to 18% of your Previous Year's Earned Income up to the Maximum Dollar Limit .In 2013,the Dollar Limit is $23,820.

  • Revenue Canada allows an indefinite Carry-Forward of the Unused RRSP Deduction Limit. Refer to your latest Income Tax Notice of Assessment.

  • Contributions accumulate on a Tax Sheltered Basis until you withdraw Money.

  • Spousal RRSPs offer an excellent way to lower your Family`s Income Tax at Retirement. If you cannot contribute to your RRSP because of your Age, you can still contribute to your Spouse`s RRSP until the end of the year He or She turns age 71.

  • Retiring Allowances ( Severance Pay ) ; Deferred Profit Sharing Plan ( DPSP) Lump-Sum Payments, Registered Pension Plan ( RPPs) Lump -Sum Payments can be transferred directly to an RRSP.

  • RRSPs must be collapsed by the end of the Year in which You reach Age 71.

  • RRSPs can be converted into Tax sheltered Registered Retirement Income Funds ( RRIFs) .

          Please contact me today:

          Ronald C. Sparkes, CFP,CLU,CH.F.C.
          Chartered Financial Consultant

          Bus:    +1.709-576-1669
          Cell:    +1.709-682-3100
          Fax:    +1.709-576-1832