A Registered Retirement Savings Plan (RRSP) is a tax-deferred savings account designed for Canadians to save for their retirement. Contributions made to your RRSP account are deducted from your gross income, lowering the taxable amount.
A Registered Retirement Savings Plan (RRSP) is a tax-deferred savings account designed for Canadians to save for their retirement. Contributions made to your RRSP account are deducted from your gross income, lowering the taxable amount. The amount that can be contributed to RRSP is the lesser of 18% of your previous year's earned income or the maximum contribution limit allowed for the year. RRSP offered by your financial institutions and insurance companies are very much alike. Your investment is put in a guaranteed interest account or investment funds depending on your preference. Funds offered by insurance companies are segregated funds. These funds include the maturity guarantee and the death benefit guarantee. The maturity guarantee provides protection for a percentage of the value of your investment at the end of your investment term. The death benefit guarantee ensures that incase of your death a specific percentage of the value of your investment gets passed on to your beneficiaries. Some segregated funds also allow you to reset the guaranteed value of your contract when the market values are up exceeding your original amount, allowing you to lock in the market gains. Segregated funds are a great solution to pass your investments to your loved ones. An important feature of segregated funds for business owners is that they may be protected from creditor claims due to bankruptcy as they are an insurance product.
A registered education savings plan allows you to save for your children’s future post secondary education. Your children will also be entitled to government’s education grants. Your contributions added with government grants will grow tax sheltered until withdrawal. RESP accounts can be opened by parents or grandparents. If you are considering opening an RESP account for your kids or grandkids, we will review your budget and make necessary recommendations to fit the RESP payments into your budget plan. Give us a call to book a free and confidential consultation.
Do you have questions about RRSP or RESP? Get in touch with Insure Me Right today. We are always happy to resolve your queries!
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