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Frequently asked questions about RRSPs (FAQ)

Q. Where can I get RRSP advice?
A. You can get RRSP investment advice:

Q. Can I contribute to an RRSP online on AccèsD?
A. Yes, it’s possible to contribute to an RRSP online, without delay.

To find out more, see Contribute online today.

Q. Is there an age limit for contributing to an RRSP?
A. Yes, there is an age limit. You can contribute to your RRSP until the end of the year in which you turn 71 and to your spouse's RRSP until the end of the year in which he or she turns 71.

Q. What is the final date I can contribute to an RRSP if I want to take advantage of a tax deduction for my 2012 tax return?
A. You have until March 1, 2013, to contribute to an RRSP for 2012. As a general rule, contributions made during the year are deductible from taxable income during the same or subsequent years, while contributions made within the first 60 days of the year may be deducted from taxable income of the preceding year, the current year or subsequent years.

Q. How can I find out the maximum amount I can contribute to a 2012 RRSP?
A. To find out the maximum amount that you can contribute this year, check the Canada Revenue Agency (CRA) tax assessment notice which you received after filing your tax return last year to find the amount indicated in the "[Current year] RRSP Deduction Limit Statement" section. If you cannot find your notice, contact a CRA tax office or visit the electronic services section of the Canada Revenue Agency site.

Q. If I wait until I have more money to make larger RRSP contributions, instead of making small contributions now, will it amount to the same?
A. No, it will not. A smaller annual contribution paid into an RRSP over a longer period of time is generally more advantageous. Contributing at the beginning of the year will amount to more in the long run.

Q. When should I start contributing to an RRSP?
A. You can start an RRSP as soon as possible, that is, the year you start earning contribution room (the year after you started earning an income). Moreover, when you turn 19, you can contribute $2,000 over the limit. Time is money: the earlier you start contributing, the bigger your RRSP will be.

Q. What is earned income?
A. Earned income is composed mostly of employment earnings, business earnings, rental income and taxable support payments, from which are deducted union or professional dues and business or rental losses and deductible support payments.

Q. How do I estimate how much I will need at retirement?
A. It is generally recognized that you will need 70% of your income during your retirement years to maintain your standard of living. Although at age 60 you are entitled to various sources of regular income (for example, Québec Pension Plan), in most cases, you will need savings (preferable RRSP savings) to maintain your lifestyle.

Q. Can I take advantage of tax savings while contributing to my RRSP savings plan?
A. Yes, if you contribute to a Desjardins Group RRSP at your place of employment. This method allows you to build up capital for retirement, and earn tax savings with every paycheque while contributing to your RRSP. If your employer does not offer this type of plan, suggest that he or she get in touch with the Desjardins caisse.

If you are contributing to a regular instalment RRSP, you can also request that both Revenue Ministries reduce the tax deducted at source on your salary. This will, in effect, reduce the cost of your contribution.

Find out more about the Desjardins Group RRSP.

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