by adminaccountantcpa | Nov 11, 2020 | Retirement Saving
The purpose of a Registered Retirement Savings Plan (RRSP) is to provide a means to save for retirement on a tax-deferred basis. Usually, withdrawing from an RRSP before retirement is not recommended. This is because the funds which are withdrawn cannot be...
by adminaccountantcpa | Feb 21, 2020 | Retirement Saving
Here are the basic rules which govern investments in a Registered Retirement Savings Plan. 1. Deduction Limits Your deduction limit will be available on your Notice of Assessment provided by the Canada Revenue Agency (CRA) after you’ve filed your annual tax return....
by adminaccountantcpa | Dec 6, 2019 | Retirement Saving
Getting right into it. What is an RRSP? A Registered Retirement Saving Plan (RRSP) is a government sanctioned investment plan designed to help a taxpayer save for retirement by making contributions that are tax deductible. This means that you can contribute to an RRSP...
by adminaccountantcpa | Mar 14, 2019 | Retirement Saving
Previously the Old Age Security (OAS) benefits were automatically paid to eligible recipients when they reached 65 years of age. In 2013 the government gave recipients the option of deferring these payments for up to 5 years. This results in an increase in the monthly...
by adminaccountantcpa | Mar 6, 2019 | Retirement Saving
Why are these changes needed On January 1, 2019, the Federal government started making enhancements to the Canada Pension Plan (CPP). These changes are being made to cope with the increasing number of people who will be retiring in the future without any savings....
by adminaccountantcpa | Jan 24, 2019 | Retirement Saving, Small Businesses
An IPP is a registered and defined-benefit (DB) pension plan which is usually set up for one person. It provides an added benefit for high-level executives and incorporated business owners. IPP’s are approved by the Canada Revenue Agency (CRA) and offer great savings...
