What is a RRSP?




RRSP stands for registered retirement savings plan.


And that’s all it is, it’s a savings plan meant primarily for retirement.


The word “registered” refers to the fact that these plans are literally registered with the government. And they track how much you put in and how much you take out, etc.


The reason they track it, is because there are limits to how much you can put into your RRSP.


And the reason there are limits, is because you get a nice juicy tax deduction for every penny you put into a RRSP. So while the government does want to entice you to save for retirement, they still want some tax now. Hence the limits.


The key point here is that, depending on your situation, the tax deductions that you can get from using a RRSP can save you a massive amount of money. You just need to know your numbers.




Disclaimer:

This article is for educational purposes only and is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice. Opinions expressed are those of the owners and writers only. Every effort has been made to compile this material from reliable sources, however, no warranty can be made as to its accuracy or completeness. It may also include forward looking statements concerning anticipated results, circumstances, and expectations regarding future events. Forward-looking statements require assumptions to be made and are, therefore, subject to inherent risks and uncertainties. There is significant risk that predictions and other forward looking statements will not prove to be accurate. Please consult an appropriate professional regarding your particular circumstances. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or the fund facts before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual Funds and Segregated Funds provided by the Fund Companies are offered through Worldsource Financial Management Inc., sponsoring mutual fund dealer. Other Products and Services are offered through Rhys Martell/Well-Built Plans Financial.


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RHYS MARTELL  |  financial advisor

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Mutual Funds and some Segregated Funds provided by the Fund Companies are offered through Worldsource Financial Management Inc. Other Products and Services are offered through Rhys Martell/Well-Built Plans Financial. 

 

Rhys Martell is an independent Financial Advisor in Abbotsford, BC. He is a member of the Estate Planning Council of Abbotsford, a Chartered Investment Manager, a Qualified Associate Financial Planner, holds an Elder Planning Counselor designation, and a Bachelor of Arts in Applied Communications from Royal Roads University. Servicing clients from Abbotsford, Mission, Chilliwack, Langley, Surrey, Vancouver, the Fraser Valley and beyond.

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