A type of account that provides tax benefits for savings for retirement in Canada. RRSP use a provision in the Income Tax Act that allows a person to get deferred growth of property and/or assets sheltered from income taxes until used in retirement. After tax income used to purchase a product or investment sheltered inside the RSP will generally result in the generation of a refund which is effectively the original tax, in part, paid as the asset was acquired. There are several factors that can affect the amount of that refund, but in Canada, a general rule of thumb is roughly 1/3 of the amount placed in the RSP account.
Please click on the RRSP calculator provided by the Mackenzie Financial Inc, one of my investments solution partners. Click here for calculator.
Please click on the RRSP LOAN planner provided by the Mackenzie Financial Inc, one of my investments solution partners. Click here for planner.
Please click on the RRSP illustrator provided by the Mackenzie Financial Inc, one of my investments solution partners. Click here for illustrator.