Save for your Retirement!

Registered Retirement Savings Plan (RRSP)

A Registered Retirement Savings Plan is a savings plan designed to help you save for retirement. RRSPs help to grow your money while offering tax benefits.  For example, you may get a deduction on your income tax, depending on your income and the amount you contribute. Also you do not have to pay tax on the money you earn as long as it stays in your RRSP.

Why do you need to invest in an RRSP plan?

First Time Home Buyer Plan(HBP) When purchasing or building a home for the first time, HBP allows you to borrow up to $25,000 in a calendar year from your Registered Retirement Savings Plan(RRSPs). You can withdraw a single amount or make a series of withdraw within the same calendar year.

Your RRSP contributions must remain in the RRSP for at least 90 days befor you can withdraw them under the Home Buyer’s Plan, or they may not be deductible for any year. However, some plans, such as locked-in or group RRSP plans do not allow you to withdraw funds from them. Borrowed money must be repaid within 15 years to the RRSP, in equal installments.

Saving Taxes now and Paying later;  You can claim a deduction on your income tax return for RRSP contribution up to your RRSP deduction limit. This limit is typically 18% of your earned income for the previous year (up to a maximum amount that is set by Govt. of Canada.

You can defer this tax liability to the future when it’s possible that your marginal tax rate will be lower in retirement than it was during your contributing years.

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