A Registered Retirement Savings Plan (RRSP) is a tax-sheltered vehicle designed to save for retirement. You or your spouse (or common-law partner) can contribute to your RRSP each year up to a maximum of 18% of your earned income or $20,000 (2008) - whichever is less. Any savings in your RRSP is allowed to grow, without taxation, until the money is withdrawn. As of 2007, you can contribute to your RRSP until December 31st of the year you turn 71.

Setting up an RRSP is easy and we can help you do it. You can even set up a monthly transfer to your RRSP, such as $50 per month. Once your RRSP is established, you need to decide what investments you want. Common investments include mutual funds, segregated funds, stocks, bonds and GICs.

For more information, visit: Canada Revenue Agency Guide to RRSPs


Splitting your finances