Registered Retirement Savings Plans (RRSP’s) are a great way to plan for the future. The amount that you can invest into an RRSP each year is referred to as your contribution room and will be indicated on your Notice of Assessment. Contributions to your RRSP account are tax-deductible and the investments grow tax-free, however, any withdrawals are taxable in the year the withdrawal is made.
You may also contribute to your spouse's RRSP if you have the available RRSP contribution room. This may be beneficial for long term tax planning to redistribute retirement earnings evenly between spouses. You can deduct the amount that you contribute to the spousal RRSP on your tax return without affecting your spouse’s RRSP contribution room.
Questions?
For more information about how RRSP's can help in your tax planning, please contact your local Avail office or complete the contact form below.
Dan Oler
Dan is Avail’s expert on all things indirect taxes and what clients need to be aware of when it comes to personal tax issues, GST/HST and PST.
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