RRSP - RRIF - Ogilvy Insurance

A Registered Retirement Savings Plan (RRSP) is a savings plan registered with Revenue Canada to assist and encourage Canadians to save for their own retirement. RRSPs are set up so that an individual holds a variety of investments which are sheltered from tax. The purpose of using this vehicle is to provide a retirement income.

Two major advantages to contributing to an RRSP are:

• Contributions are deductible from current income for tax purposes (up to a certain limit).

• Investment income sheltered within the plan accrues tax free, until the individual retires or makes a claim.

Types of RRSPs are: Basic RRSP, Group RRSP, Self-Directed RRSP

For more information contact us or visit the Canada Revenue Agency Website