Registered Retirement Savings Plans (RRSP)

The RRSP is the best savings vehicle out there!  You can get a tax refund from the Government of Canada for up to 40% depending on your marginal tax rate.

How does it work?

Essentially, the total amount contributed to your RRSP in a given tax year is deducted from your taxable income for that year, reducing the amount of tax payable.  This means the government will write you a fat cheque for your over contribution!

Who is eligible? You are eligible to open a RRSP if you:

  • Are a Canadian resident

  • Have a valid Social Insurance Number (SIN)

  • Are 71 years of age or under

  • Have an income

  • Filed a Canadian tax return in the previous year