What is it?
-
Government sponsored program to encourage Canadians to save for retirement.
What’s in it for me and my spouse?
-
Tax deduction
-
Tax Free growth until age 71
-
Income splitting with a spouse via a Spousal RRSP
What are the rules?
Your allowable RRSP contribution for the current year is the lower of:
- 18% of your earned income from the previous year, or
- The maximum annual contribution limit for the taxation year, or
- The remaining limit after any company sponsored pension plan contribution
|
Year
|
Maximum Contribution limit
|
|
2007
|
$19,000
|
|
2008
|
$20,000
|
|
2009
|
$21,000
|
|
2010
|
$22,000
|
Why Start?
-
Develop discipline and a habit of saving money.
-
Retirement Savings
- Supplement government pension plans
- Supplement other sources of retirement income
How To Start:
-
Set one up
- Through a trusted investment advisor
- At work if they offer it
What about the year’s I did not contribute?
- Check your NOTICE OF ASSESSMENT. It clearly states what your limit is.
- You can catch up by CARRYING FORWARD missed years.
- You can also delay contributing to a later year.
Contact Alphil Guilaran today to learn more about how we can serve and develop solutions for you, your family or organization.
Alphil Guilaran
Executive Director
604.687.7773
