Registered Retirement Savings Plans (RRSP’s) are a great way to plan for the future. The amount that you can invest into an RRSP each year is referred to as your contribution room and will be indicated on your Notice of Assessment. Contributions to your RRSP account are tax-deductible and the investments grow tax-free, however, any withdrawals are taxable in the year the withdrawal is made.
You may also contribute to your spouse's RRSP if you have the available RRSP contribution room. This may be beneficial for long term tax planning to redistribute retirement earnings evenly between spouses. You can deduct the amount that you contribute to the spousal RRSP on your tax return without affecting your spouse’s RRSP contribution room.
Questions?
For more information about how RRSP's can help in your tax planning, please contact your local Avail office or complete the contact form below.
You may also like...
View all newsCareer Opportunity | Administrative Assistant - Taber
We are currently seeking a full-time, temporary Administrative Assistant (Maternity Leave Coverage) to join our team in Taber.
New reporting obligations for forced and child labour
Certain private-sector entities and government institutions must now report on measures taken to prevent forced or child labour being used by them or in their supply chains.
How to create a CRA My Account
In a few easy steps, we walk you through how to register for a CRA My Account for individuals.
Free Consultation
Have questions? Book a free consultation. It's really just a casual conversation where we try to learn more about you and your goals, and how we can help you achieve those.