Registered Retirement Savings Plan
An RRSP is an investing vehicle designed for Canadians to save toward retirement and at the same time offer tax deduction.  The contributions can be used to reduce income tax bill.  The assets within the RRSP can grow tax-free until they are withdrawn, and taxed as income at a potentially lower tax bracket during retirement years.  These advantages make RRSP a valuable tool when it comes to saving for your retirement.
Tax Deduction
Your contribution made for the year can be used to reduce your taxable income, thus lowering your income tax bill.
For 20020 RRSP Season, the contribution limit is 18% of taxable income or $26,500, whichever is lower.  The official deadline for contribution is Saturday, February 29th, 2020.  Contribution made after this date will not qualify for a tax duduction for the 2019 tax year. 
Tax Sheltered
Your money grows tax sheltered within the RRSP, allowing it to grow faster than a taxable account.  The idea is that the money would be withdrawn during the retirement years with a potentially lower income tax bracket, thus paying less taxes.
investment options
Your TFSA can be invested in a wide range of options - GICs, bonds, mutual funds, ETFs, stocks, and structured products.  We will design your portfolio based on your investment need.
It may be beneficial for you to contribute to your spouse's RRSP if you have a higher income.  Your contribution is tax deductible while your spouse is entitled to the spousal account.  The general idea is that by splitting income evenly, the couple would have a lower tax bracket when the money are withdrawn during retirement years.
"Your money grows tax sheltered within the RRSP, allowing it to grow faster than a taxable account."
Home Buyer's Plan
If you are looking to purchase your first home, you have the option to finance the down-payment using your RRSP.  The new rule allows first time home buyer to withdraw up to $35,000 from RRSP without being taxed as income for the year.  The withdrawal amount would be repaid in equal installment for up to 15 years.
Lifelong Learning Plan
The plan allows you to withdraw up to $10,000 each year from your RRSP to finance your qualified education expenses without being taxed as income for the year.  The maximum withdrawal amount is $20,000 for up to 4 years and repayment would be made by equal installment for up to 10 years.
We offer RRSP loan through National Bank of Canada.  Loan up to $25,000 and 24 months repayment.  Competitive variable or fixed rates available.  Please contact us for more information.