A Registered Retirement Savings Plan (RRSP) is an investment savings plan registered with the Canadian federal government. It allows your retirement savings to grow in a tax-sheltered environment until you begin withdrawing the funds. Your contributions into it are tax deductible, which helps reduce your taxable income and lowers your yearly income tax bill.
RRSP Contribution Limits
Your contribution limit for each year is the lower of 18% of your earned income from the previous year or the maximum contribution amount for the tax year: $24,270 in 2014. Your personal contribution limit will vary due to a number of factors, including if you have a pension adjustment or if you carry forward unused contribution room from previous years. Refer to your most recent Notice of Assessment from the Canada Revenue Agency to find out how much you can contribute to your RRSP.
In order for your contributions to count as a deduction against the 2014 tax year, you must make the contribution before the deadline, which is March 2, 2015.
Grow your RRSP faster - Why investing with CDSPI is 1 smart decision
- Eligible members of the Canadian dental profession1 benefit from no-cost consultations as well as no front-end or back-end loads
- Broad range of investment options via our CDSPI family of segregated funds
- Low fund management expense ratios (MERs) ranging from 0.65 to 1.77 percent
If you would like help meeting or beating the RRSP deadline from a non-commissioned Certified Financial Planner (CFP), contact CDSPI Advisory Services Inc.*. Call 1-800-561-9401 or send an e-mail to firstname.lastname@example.org.
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Financial planning and advisory services are provided by licensed advisors at CDSPI Advisory Services Inc. Restrictions may apply in certain jurisdictions.
1 All members of the CDA or participating provincial or territorial dental associations, their dental office staff, dental association staff and their immediate family members are eligible to participate in the Canadian Dentists’ Investment Program.