Introducing the tax saving acronym vehicle also known as the Registered Retirement Savings Plan. This savings vehicle is tax deductible now while promoting long term savings for your retirement. RRSPs are diverse and can take on different investments, such as GICs, stocks, bonds and mutual funds*, to name a few, as long as the individual remains within their contribution limit for the year. Any contribution towards an RRSP possesses two main tax advantages for the contributor:


  1. All RRSP contributions (within the maximum allowed) are deducted from the contributor's income for the year and thus not charged the nominal income tax rate.
  2. All RRSP gains are tax sheltered until withdrawn, which is unlike any non-registered investment. This means that the investment's earnings are exempt from any income tax or capital gains tax.


*Mutual funds are offered through Credential Asset Management Inc. Unless otherwise stated, mutual fund securities and cash balances are not insured or guaranteed, and are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.



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