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PLANNING FOR RETIREMENT:
REGISTERED RETIREMENT SAVINGS PLAN (RRSP)
At ATB Financial, we are here to help you plan, explore and understand your RRSP options.
RRSP Investment Options
Which investment is right for my RRSP? What special offers are available?
RRSP Rates
What are the rates for all limited time RRSP offers?
Key Facts
When is the deadline to contribute this year? What are my contributions limits?
Understanding RRSPs
A Registered Retirement Savings Plan (RRSP) is a plan that is regulated by the federal government and allows you to save money now to enjoy your retirement years. Your contributions to an RRSP are made during your prime income earning years. The prime benefits of an RRSP are that your contribution provides you with a tax break now, and grows tax-deferred until you retire. By starting your RRSP plan today, you can ensure your retirement goals are achieved.
An RRSP can hold many different types of investments, including savings accounts, Guaranteed Investment Certificates (GICs), mutual funds, stocks and bonds.
Benefits of an RRSP
- Shelter From Tax. When you have an RRSP, income earned on your investments is sheltered from tax. You do not pay on the annual income as you would with other types of investments. Instead, the tax is paid when funds are withdrawn from the plan—presumably in retirement, when your other sources of income are much lower.
- Reduced Current Income Taxes. Because RRSPs are fully deductible (up to your maximum) on your income tax return, you also save taxes immediately.
Need more information? Check out more information, tools and calculators under our Retirement section.
Differences between a Tax-Free Savings Account (TFSA) and an RRSP.
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