RRSP’s are great for those looking for a big opportunity to save for retirement. Public pension plans such as Canada Pension Plan and Old Age Security provide a maximum of $20,000 to anyone 65 and up. Someone can contribute up to eighteen percent of their income to a max of $25,000 from the tax year of 2016.
The growth you get from investments from an RRSP are all tax deferred to you don’t have to pay the tax immediately. You only have to pay taxes when you withdraw money from the plan. Contact us today for more information and we will gladly help you.
