 Registered Retirement Savings Plan Basics
Each year, as the deadline for Registered Retirement Savings Plans contributions draws near, Canadians are bombarded by a media blitz concerning RRSP investing. However, statistics indicate that despite this massive yearly campaign, only one in every two Canadians has an RRSP. It’s an unfortunate reality that, given the importance of proper retirement planning, some Canadians continue to ignore the need for beginning a savings plan early in life. Discover more
RRSP Quick FactsWho can contribute to an RRSP? If you have earned income, you can contribute to an RRSP up until the year you turn 71. Contributions made in the first 60 days of 2009 can be applied against either your 2008 or your 2009 contribution. How much can you contribute? Discover more
RRIF Quick Facts
RRSP Maturity Options. You must have decided on your maturity option and collapsed your RRSP by December 31st of the year in which you turn 71, at the latest. You can select any or a combination of the following options:
- Take your RRSP funds in a cash payment and pay tax on the full amount;
- Transfer into a Registered Retirement Income Fund (RRIF);
- Purchase an annuity.
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