Close your eyes and imagine your retirement. How are you enjoying your golden years and how much savings will be required to achieve this dream? Meet with your Mainstreet Financial Advisor and we will help create a plan to get you there.
A Registered Retirement Savings Plan, popularly known as an RRSP, is an investment tool to help you save for your retirement, while also lowering the income tax that you may pay during your working years.
Money contributed to an RRSP is shielded from tax as it goes in and can be invested on a tax-free basis until it’s withdrawn during retirement, at which time what is withdrawn is taxed as income.
Invest early and often and you will take advantage of the benefits of savings growth through compounding interest -- where your savings create more savings just by being in the account!
Talk to your Financial Advisor on how you can setup effortless weekly, bi-weekly, or monthly deposits to your RRSP account to have your savings working for you. Members can also make transfers to their RRSP accounts through Mainstreet’s Online Banking system.
Are you wondering if you would benefit from better tax savings by making use of more of your RRSP contribution room this tax year? Meet with your Financial Advisor to review your contribution room and if this will help you create further savings.
Note: Every individual has an RRSP contribution limit for each year – check your Canada Revenue Agency Notice of Assessment from the previous tax year for the amount you can contribute in the coming tax year.
Before, or during the year you turn 71, individuals must convert all Registered Retirement Savings Plans (RRSPs) to a retirement income option, under current government regulations.
A popular retirement income option are Registered Retirement Income Funds (RRIF). Speak to your Mainstreet Financial Advisor to find out how to make the transfer and what products will best suit your needs.