The Registered Retirement Savings Plan (RRSP) is a cornerstone of retirement planning for Canadians, offering tax-deferred growth on investments and a way to reduce taxable income through contributions. However, the benefits of RRSPs extend beyond retirement savings alone. Two notable…
As a Chartered Professional Accountant and Trust Estate Practitioner in Canada, I've encountered numerous clients who are eager to secure their financial future but are unsure about how to navigate the complex landscape of retirement savings and taxes. The key…
To understand this, recall that Canada has a progressive tax rate – as you move to higher tax brackets, you pay a higher rate of tax. A contribution to your RRSP is an immediate deduction to your income – and…
Contributions to RRSP accounts made before February 28th can be considered for tax deductions to an individual’s personal income for the previous year or current year. This deadline often conjures up thoughts on retirement planning along with investing in pension…