A Registered Retirement Savings Plan (RRSP) is a savings plan, registered with the Canadian federal government that you can contribute to for retirement purposes. When you contribute money to a RRSP, your funds are "tax-advantaged", meaning that they're exempt from being taxed in the year yo...
Many Canadian financial institutions offer high-interest savings accounts. Discover how this type of bank account can help boost your saving power » See our picks: Canada’s best high-interest savings accounts What is a high-interest savings account? Just like its name implies, a high-...
For a government group, the Canadian Retirement Agency (CRA) is actually pretty forgiving if youcontribute too much to your RRSP— but only to a point. They start you with a nice bit of cushion: any amount up to $2,000 over your total accrued limit won’t be penalized (though it also...
Self-directed RRSP is a type of RRSP, or registered retirement savings plan, whose owner determines the asset mix held in the trust. An RRSP is a Canadianretirementsavings vehicle to which contributions are tax deductible on an annual basis, up to a certain amount. The RRSP isn’t an inves...
A matured registered retirement savings plan (matured RRSP) is a Canadian retirement savings plan that is registered with the Canadian government, and which has entered the phase of being used to produce retirement income for the beneficiary. ...
Open an account Discover RRSPs and see how they can help you save for your retirement and defer taxes for the current year. What is an RRSP? A Registered Retirement Savings Plan (RRSP) is a savings plan that is registered with the Canada Revenue Agency (CRA). Contributions made to a RRS...
A valid Social Insurance Number (SIN) is required to open a TFSA. A TFSA is similar to other registered plans, such as a registered retirement savings plan (RRSP). The main difference with a TFSA is that although you don’t get a tax break when you contribute, you would not pay any...
How Does a Spousal RRSP Work? Creating a spousal RRSP is actually very simple. First, you’ll need anbrokerage account. If you don’t have one already, you can open up an account quickly and easily. Once you have opened your own brokerage account, you can open an annuitant account, whi...
What's a TFSA and why get one? A Tax-Free Savings Account is an account where you can invest your money and pay no taxes on the investment earnings. Often used alongside an RRSP or on its own. Open a TFSA if you are: Saving for a big purchase ...
The CanadianTax-Free Savings Account(TFSA) bears some resemblance to the U.S. Roth IRA. Both provide for non-deductible contributions and tax-free withdrawals. The TFSA account is less restrictive regarding penalty-free withdrawals and therefore serves as a general-purpose savings/investment vehicle...