YOUR PERSONAL RRSP
AN EFFECTIVE RETIREMENT SAVINGS PLAN
A registered retirement savings plans can help you plan for the retirement you want. The account is secured with the federal government and can offer a number of tax advantages. Consider a personal RRSP for your retirement planning needs.
RRSPs are meant to provide tax advantages that lead to higher future savings benefits. Your personal RRSP contributions do have some limits. RRSP are an effective way to save for your retirement.
Let the experts at Puhl Employee Benefits help with your personal RRSP needs. We can help set up and motor the account for you. Call or email for more information today.
An RRSP is a savings plan that is registered with the federal government. The accounts aim to allow for higher savings totals by offering 2 key tax advantages. These advantages are:
- Tax-Sheltered Growth – Investments aren’t taxed when they are earned. Tax is only incurred upon RRSP withdraws, which can lead to serious interest savings.
- Tax Deductions – With certain specified limitation, contributions to your RRSP are tax-deductible.
Personal RRSPs are contributed to while you work, so they can grow and provide a large savings amount when you are ready to retire. RRSP’s are meant to grow continuously over the years though the plans do have some contribution limits. The Income Tax Act sets the limits as 18 percent of the previous year’s income minus the pension adjustment form that year. The difference between your contribution amounts and your contribution limit is referred to as your contribution room. For more information on your specific contribution limits, contact Puhl Employee Benefits today.
A group RRSP is an effective way to help employees prepare for retirement. Employers set up the plans and contributions are made in the form of payroll deductions. These plans can also offer lower management fees. An individual sets up a personal RRSP and contributions are made out-of-pocket. Each of these plans can be ideal for you, depending on your group benefits packaged and retirement savings needs.