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Registered Education Savings Plan (RRSPS):Since their introduction in 1957, RRSPs have become one of the most popular ways for Canadians to save for their retirement and defer taxes. When you contribute to an RRSP you can claim the deposits, within certain limits, to reduce your taxable income while filing income tax returns. Taxes on the investment income earned in the plan are postponed as well. You don’t have to pay the income taxes until you withdraw your income, usually following retirement. Each year you can contribute a maximum of 18 per cent of your earned income or $13,500 which ever is less. Most people are in the 40 % marginal tax bracket, if they invest an amount of $5000 in their RRSPs they get a refund of $2000. In other words they are contributing only $3000 and the government is paying $2000 towards the retirement fund. Frequently answered questions on RRSPs. |
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