{"id":23334,"date":"2019-11-07T15:21:51","date_gmt":"2019-11-07T22:21:51","guid":{"rendered":"https:\/\/hfin.ca\/?page_id=23334"},"modified":"2020-05-26T21:39:42","modified_gmt":"2020-05-27T04:39:42","slug":"registered-retirement-savings-plan","status":"publish","type":"page","link":"https:\/\/hfin.ca\/registered-retirement-savings-plan\/","title":{"rendered":"REGISTERED RETIREMENT SAVINGS PLAN"},"content":{"rendered":"<section class=\"av_textblock_section \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock  '   itemprop=\"text\" ><p><img decoding=\"async\" class=\"ory-plugins-content-image\" style=\"width: 100%;\" src=\"http:\/\/www.appsforadvisors.com\/ufs\/mediaLibrary\/gNSqhtQDdsK3hsnwF\/elderly-retired-couple-reading-their-social-media-PWCVTD8.jpg\" \/><\/p>\n<h3>Registered Retirement Savings Plan<\/h3>\n<h5><strong>Great benefits of opening an RRSP<\/strong><\/h5>\n<p>A Registered Retirement Savings Plan (abbreviated to an RRSP) is a savings account which offers you a simple way to put money away for your retirement. A key feature of an RRSP is the fact that it is registered with the federal government. Here, we will explore five notable reasons to save for your retirement in this way.<\/p>\n<ul style=\"margin: auto 1em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Your investment is tax free This is a great feature of an RRSP. Providing that you keep your investment earnings in the plan, you won\u2019t pay any tax on them. This, of course, means that your savings have the potential to grow at a faster rate.<\/p>\n<\/li>\n<\/ul>\n<ul style=\"margin: auto 1em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Your contributions are tax deductible<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">You are able to show the contribution that you make towards your RRSP as a deduction on your annual tax return, which can add up to considerable savings for those in the top tax bracket. What\u2019s more, you can carry forward this allowance to future years, if your income in one year is lower than usual.<\/p>\n<\/li>\n<\/ul>\n<ul style=\"margin: auto 1em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">You can save even more tax by taking out a spousal RRSP<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Another great tax benefit of these plans is the fact that you can combine your tax-free savings within a spousal RRSP and then more equally split your retirement income between you, again leading to potential further tax savings.<\/p>\n<\/li>\n<\/ul>\n<ul style=\"margin: auto 1em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">You can transfer your RRSP when you retire<br \/>\nThis means that you can easily move the funds invested in your RRSP to an annuity or a RRIF at the time of your retirement to receive regular, staggered payments \u2013 though you should note that you will have to pay tax on these payments on a yearly basis.<\/p>\n<\/li>\n<\/ul>\n<ul style=\"margin: auto 1em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">You can withdraw from your RRSP under certain conditions<br \/>\nYou won\u2019t pay tax on withdrawals from your RRSP in particular circumstances. For instance, you are permitted to withdraw up to $35,000 for a down payment on your first home, or up to $20,000 to pay for education costs (funding rules apply).<\/p>\n<\/li>\n<\/ul>\n<\/div><\/section>\n<div  class='avia-button-wrap avia-button-left  avia-builder-el-1  el_after_av_textblock  avia-builder-el-last ' ><a href='https:\/\/hfin.ca\/contact\/'  class='avia-button   avia-icon_select-no avia-color-theme-color avia-size-large avia-position-left '   ><span class='avia_iconbox_title' >Contact<\/span><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":10,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>REGISTERED RETIREMENT SAVINGS PLAN - Heuchert Financial Incorporated<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hfin.ca\/registered-retirement-savings-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"REGISTERED RETIREMENT SAVINGS PLAN - 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