Registered Retirement Savings Plan (RRSP)
Registered Retirement Savings Plan (RRSP)
With an RRSP, you will save for retirement while saving on your taxes every year in which you make contributions. According to Statistics Canada, for households in higher tax brackets (higher incomes), an RRSP would be more profitable than a TFSA and should be maximized first. Because your situation is unique, our financial security advisors can help you determine your needs and help you find the best solution for your situation.
How can you maximize your RRSP contributions?
By choosing this loan, which is a brilliant strategy to help you grow savings.
Discover the benefits of an RRSP
- Grow your savings tax-free: your contributions and the earnings they generate are not taxed as long as they stay in the RRSP.
- Contributions are deducted in full from your taxable income, which entitles you to tax refunds.
- The sums accumulated can be used for retirement, but also to buy or build a home, thanks to the Home Buyers’ Plan, or to pay for your education if you go back to school thanks to the Lifelong Learning Plan.
Choose for your RRSP
Choosing for your RRSP is choosing the leader in segregated. You’re investing with peace of mind. We also offer a wide range of other investment products:
- Guaranteed interest funds, which offer a fixed, guaranteed interest rate
Daily interest fund, - where interest accumulates every day and is paid monthly
- Mutual funds, which fluctuate according to the market value of investment securities
RRSP contribution limits
You can contribute up to 18% of your income or a fixed limit if you have a higher income. Unused contribution room can be carried forward year after year.
Compare Different Savings Plans To Find The One That Is Right For You
| Eligibility age | Age limit to contribute | Contribution ceiling | Tax-deductible contributions | Tax-sheltered accumulation | Tax payable upon withdrawal or at the end of the year | Unused contributions can be carried forward | |
| RRSP | 18 | 71 | yes | yes | yes | yes | yes |
| TFSA | 18 | none | yes | no | yes | no | yes |
Frequently Asked Questions
What is the meaning of insurance?
Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection and losses are paid out of the premiums collected from the insuring public.
Why do I need Insurance?
Insurance is a hedge against the occurrence of unforeseen incidents. Insurance products help you in not only mitigating risks but also helps you by providing a financial cushion against adverse financial burdens suffered.
Why should one cover oneself immediately ?
Accidents and mishaps can occur anytime and anywhere. It is important to identify the risks faced and insure oneself against these at the earliest.
How to Choose the Best Term Plan?
While selecting a term plan, you need to look for the following and ensure that your family has the best financial protection with the term plan:
Claim settlement record of a life insurance company indicates the ultimate moment of truth for the customer. Claim settlement record can be assessed through a percent number (Claim Settlement Ratio) released by IRDAI (Insurance Regulatory and Development Authority India) every year.
How much life cover do I need?
The life cover you need depends on your current annual income. We recommend that a life cover equivalent to 10-15 times your annual income is sufficient to provide for a safe future for your family.
If budget is a problem, you could go for monthly premium payment option over a yearly commitment. However, it is important to have a sufficient life cover so that your family’s financial security is not compromised.
What is Critical illness benefit ?
If you are ever diagnosed with a critical illness, it can affect you physically, emotionally and financially. The optional benefit of covering 34 Critical Illnesses such as cancer, heart attack and kidney failure for a maximum of 30 years without any change in premium. But here’s the best part – It gives full claim payout on the first diagnosis of any of the covered 34 Critical Illnesses. No Hospital Bills required. This amount can also safeguard your family against the loss of income arising out of the illness.