| 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) .
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