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RRSP & Labour-Sponsored Funds Tax Credit

Working-age Canadians are not unfamiliar with the concept of Registered Retirement Savings Plan, or better known as RRSP. It was designed as a tax-deductible savings account where workers can save for their future. People cannot rely on payments from Canada Pension Plan to keep their living standard in retirement. Old Age Security, Guaranteed Income Supplement and CPP are all meant …

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A Brief Recap of RRSP and TFSA Let’s start with a brief recap of the features of RRSP and TFSA: They are both very good vehicles for saving for one’s retirement. Within a certain limit, contributions made to an RRSP account are tax-deductible, thus reducing one’s current tax liabilities, and the investment in the RRSP account can grow and accumulate free of …

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Registered Retirement Savings Plan (RRSP)

RRSP An RRSP is a retirement savings plan that an individual taxpayer establishes, that Canada Revenue Agency registers  and to which the taxpayer or the taxpayer’s spouse or common-law partner contributes. Deductible RRSP contributions can be used to reduce the taxpayer’s income tax payable. Any income earned in the RRSP is usually exempt from tax as long as the funds remain in the plan; …

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