Registered Retirement Savings Plan (RRSP)
Save now in RRSP, pay less in taxes, and watch your investments grow!
Â
What is a Registered Retirement Savings Plan (RRSP) ?
RRSP is a unique savings plan that helps you save money for retirement, and when you save money in your RRSP, you pay less in taxes that year, because RRSP contributions are tax-deductible.
Any money invested within the RRSP grows tax-deferred, as long as the money remains within the RRSP, until it’s withdrawn. You can open an RRSP in the following financial institution including Banks and trust companies, Credit union, Mutual fund companies, Investment firms, and Life insurance companies.
At Sure Insurance , We highly recommend you invest your money in Life insurance companies because your investment is more secured and you would get a good financial planner who will help you review your account from time to time, and also help you choose the best investment plan based on your risk tolerance level.
Benefits of Registered Retirement Savings Plan
Tax deductible contributions: RRSP contributions offer tax deductibility, allowing your annual contribution to be subtracted from your taxable income.
Tax-free growth: Your investments within an RRSP grow tax-free, allowing your savings to compound over time.
Convert your RRSP to get regular payments: You can choose to withdraw from your RRSP into a regular installments called annuities to meet living expenses in retirement.
Maximize Spousal RRSP: Contribute to a spousal RRSP to build retirement savings for your spouse while benefiting from tax advantages.
Access tax-free funds from your RRSP through for Home Buyers’ Plan (HBP) and tuition expenses: Borrow from your RRSP through the Home Buyers’ Plan (HBP) to help fulfill homeownership dreams and also to finance your education expenses.
Financial Institutions we work with
3 Steps for Successful Financial Planning
1.
Our financial planner will work with you to create an overview of your present financial situation. These include short term debt, income protection, children education, and estate planning. We present the information we gathered from you in an understandable illustrated format.
2.
Develop Success Blueprint
We would identify ways to reduce the amount you pay in taxes. We would recommend the best savings plan and tax-advantage account based on current financial need.
3.
Implement Your Plan
After completing your need analyses we will present you with your personalized wealth-building strategies that meet both your short, and long-term financial goals. Once you review and approve the recommended plan, it will be implemented.
