Are you worried about your financial health? Do you want to save money while paying less tax? Do you want an awesome retirement? You need a registered retirement savings plan (RRSP)
RRSP stands for registered retirement savings plan. This is a smart savings tool that helps Canadians save money for their retirement. When you make contributions to your RRSP account your tax for that year gets deferred accordingly. Tax-deductible contributions mean you’ll have more of your income available for your current needs, even while you’re saving for the future. And tax-deferred investment growth (interest, dividends, capital gains) keeps more of your money working for you.
Contributions to your RRSP account are subjective to your needs and can start from $50 a month to $2000 a month. You can also opt for annual contributions and make a lump sump deposit at the end of the year
Benefits of an RRSP account;
- Amazing retirement
- Tax deference at withdrawal after you retire
- Non taxable earnings
How will your investments grow in your RRSP account?
RRSP (registered retirement savings plan) will be an umbrella account which will hold variety of your investments in form of the following and will be monitored by expert investment/financial advisor, Bir Inder Behl so that you get the most out of your investment.
- National stocks,
- International Stocks
- segregated funds,
Can you withdraw money from your RRSP account before you retire ?
Yes, you can withdraw from your RRSP account before you retire and we suggest that you do so only after consulting with an expert investment advisor such as Bir Inder Behl.
Few reasons that people withdraw their money early;
- To finance a house purchase and pay down payment
- To finance education