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What is a Registered Retirement Savings Plan (RRSP)?

April 26, 2017Plan registered retirement RRSP savings

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What is a Registered Retirement Savings Plan (RRSP)?

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An RRSP is a type of Defined Contribution Pension Plan (DC Plan) which allows the owner to accumulate assets for retirement income on a tax-deferred basis. An RRSP must conform to the ITA, the ITR and CRA requirements. Some of these rules and regulations are: • The owner can contribute up to 18% of previous year’s earned income, up to a specified dollar maximum limit for the year • The owner is taxed when receiving benefits out of the RRSP.

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Posted

An RRSP is a type of Defined Contribution Pension Plan (DC Plan) which allows the owner to accumulate assets for retirement income on a tax-deferred basis. An RRSP must conform to the ITA, the ITR and CRA requirements. Some of these rules and regulations are: a) The owner can contribute up to 18% of previous years earned income, up to a specified dollar maximum limit for the year; and b) The owner is taxed when receiving benefits out of the RRSP.