Account Types

RSP Accounts

Save for your retirement in a tax-advantaged way with a Registered Retirements Savings Plan.

Self-directed RSPs allow you to hold many different types of investments in one account. Spousal RSPs let you contribute to an RSP on behalf of your spouse while they maintain ownership of the investment, and you still get the benefit of a tax deduction for your contribution.

The RRSP contribution period is the current calendar year plus the first 60 days of the next year. A contribution receipt is issued for tax deferral purposes.

Contribution limits are based on the previous year’s earned income. Earned income includes net employment earnings and net business income, but does not include investment income (with exception of net rental income from property).

Generally, these accounts help you save for retirement at which time you convert the RSP into RIF and start to pay yourself. However, there are ways to use the money prior to retirement.

Withdrawing for a Home Buyers plan

  • Lets you withdraw up to $25,000 on a tax-free basis from your RRSPs to buy or build a qualifying home
  • For all withdrawals made before January 27, 2009, the maximum was previously $20,000.
  • Must be considered a first-time home buyer
  • Must be a resident of Canada
  • Intend to occupy the qualifying home as your principle residence
  • Must be in a written agreement to buy or build a qualifying home before you can apply for HBP
  • Must buy or build the qualifying home before October 1 of the year after the year of the withdrawal
  • Neither you nor your spouse or common-law partner owns the qualifying home more than 30 days before the withdrawal

Withdrawing for a Life Long Learning Plan

  • Let’s you withdraw up to a maximum of $20,000 over 4 years (max of $10,000 per year) on a tax free basis from your RRSPs for the purpose of enrolling in a qualified educational program at a designated educational institution
  • Must be a resident of Canada when you receive funds from your RRSPs under the LLP
  • LLP can be used to finance training or education for you, your spouse, or your common-law partner
  • Your child cannot be the LLP student
  • The participation in the Lifelong Learning Plan (LLP) has to be done before the end of the year the student reaches the age of 71 (under proposed legislation).

Option trading feature, Put options, and Call Options, can be added to a registered account when applying for the account.

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