Unlocking the Potential of Registered Retirement Savings Plans (RRSPs)

The Registered Retirement Savings Plan (RRSP) is a tool for retirement savings in Canada. A wide range of individuals can benefit from an RRSP at any stage as a part of their investment portfolio.

The Registered Retirement Savings Plan (RRSP) serves as a cornerstone for retirement savings in Canada, offering a versatile investment tool for individuals at any stage of their financial journey. With a multitude of benefits tailored to support diverse financial goals, RRSPs provide opportunities for tax-efficient savings and strategic investment growth.

What are the benefits of an RRSP?

  • Contributions to an RRSP are tax-deductible, which can provide a reduced tax bill or tax refund as an incentive to save for retirement.

  • Investments can grow tax-free until withdrawal, making RRSPs a powerful tool for long-term wealth accumulation.

  • First time homebuyers can use their RRSP savings to purchase a home, with some flexibility in repaying the funds over time.

  • Individuals and their spouses can use their RRSP savings for education or training purposes with some conditions on repayment.

  • RRSPs can hold various types of investments, including stocks, bonds, mutual funds, ETFs, GICs, and even certain types of real estate.

  • Higher earning spouses can contribute to an RRSP in their lower earning partner’s name, potentially reducing overall tax burden in retirement.

  • Additional investment opportunity for those who have run out of TFSA contribution room.

  • Unused contribution room can be carried over time.

Open a RRSP with Arquette Wealth today.

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