Registered Retirement Savings Plan (RRSP) contributions are tax deductible and a great way to build your retirement savings. Each year the RRSP contribution limit caps at 18% of your previous year’s reported income, up to a maximum limit set by the government. For 2024, the annual ...
The article focuses on using registered retirement savings plans (RRSP) contributions to maximize Canadian Child Tax Benefit (CCTB) by increasing or decreasing the tax-free benefit when a family with three or more children changes their income. An example that illustrates how a family with five ch...
A chart is presented of responses to a survey of Canadians' attitudes to their registered retirement savings plans (RRSP), including how much money they plan to contribute to their plan and whether they believe they will be financially ready for retirement....
Unlike withRRSP contributions, money transferred into a LIRA is not tax-deductible. You already benefited from a tax deduction when you contributed to your pension plan. Since the rules and regulations of LIRAs vary by province, it may be necessary to speak to a financial advisor or knowledgeab...
A registered retirement savings plan (RRSP) is a type ofdefined contribution retirement plan, much like a401(k)in the U.S. RRSPs can be either individual plans or employer-sponsored group plans. In the latter case, the employer may also makematching contributionsto the employee’s account. ...
LIRA is atax-deferredretirement account used to shelter money transferred in from an employer-sponsored pension plan, much like a401(k)-to-individual-retirement-account (IRA)rollover in the United States. An LIRA can only be funded in that way, and you cannot make additional contributions to ...
Canada Pension Plan CPP A government-run pension plan that provides retirement, disability, and benefits based on contributions during working years.5 Deferred Profit-Sharing Plan DPSP A type of employer-sponsored retirement plan where contributions are linked to company profits. Contributions grow tax...