RRSPs - Retirement Savings **, ***

Plan Ahead For Your Retirement

Shockingly, 25% of seniors live below the poverty line according to Statistics Canada. It is critical to ensure that you have savings for the future. Registered Retirement Savings Plans, or RRSPs, allow you to do this in a wonderful way. These are tax-free accounts into which you can contribute funds.

There are three major types of RRSPs: self-directed, spousal or common-law, and group. Self-directed is an individual RRSP with a single account holder and contributor. Spousal/common-law has two account holders and is best in the case where one partner earns a larger income than the other, allowing for the contributions to be equally distributed. Group RRSPs are provided by the employer, who manages the key features of the account.

A major reason why RRSPs are a great investment is because the money can be withdrawn at any time, regardless of your age or whether or not you are retiring. (However, when you withdraw the money, the sum is taxable.) When you do retire, the RRSPs are transferred to an RRIF (Registered Retirement Income Fund).

FTIC can help you find the ideal RRSP, catered specifically to your needs and maximizing the return from your contributions. Contact your RRSP experts today.

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