Tax-sheltered plans
- Registered savings plan
- Tax-free investment income
- Tax-free withdrawals
- New registered savings plan available in 2023
- Save up to $40,000
- Tax deductible contributions and tax-sheltered investment income
- Non-taxable withdrawals to purchase a qualifying home (certain conditions apply)
- No further contributions can be made
- Withdrawals before retirement are permitted only under exceptional circumstances
- Capital is placed in a tax-sheltered investment
- Tax-sheltered investment income
- Lump-sum withdrawals allowed
- Annual retirement income
- Periodic withdrawals as needed (subject to legal minimum and maximum amounts)
- Lump-sum withdrawals (subject to annual maximum)
- You can withdraw up to $35,000 per borrower from your RRSPs to finance the purchase or construction of a home
- That's up to $70,000 for couples
- Your RRSP withdrawal is tax-free
- You have 15 years to pay back the withdrawal amount, interest-free
Give your child the freedom to go after their dreams.
- Take advantage of government grants
- Build tax-free savings
- Various investments offered
- Maximum contribution: $200,000 lifetime limit may qualify beneficiaries for:
- Canada Disability Savings Grant
- Canada Disability Savings Bond
- Income is tax-free as long as it stays in the plan
- For you or your spouse to return to school
- Must be used for full-time studies
- Total withdrawal limit of $20,000 over 4 years
- 10-year withdrawal payback period
The amount you invest in your RRSP reduces your taxable income for the year
- Flexible
- Effective
- Anyone can do it
- A defined benefit pension plan designed for a single individual.
- For business owners and high income earners