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Registered Retirement Savings Plans (RRSP) can help you grow your savings and pay less tax.

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What is an RRSP?

A Registered Retirement Savings Plan (RRSP) is set up so Canadians can save for their retirement. This is a savings plan which you, your spouse, your common-law partner, or in the case of a Group RRSP, your employees, can contribute. You can reduce your tax with deductible RRSP contributions. As long as your funds remain in the plan, any money you earn in your RRSP is usually exempt from tax. You generally have to pay tax when you receive payments from the plan.

An RRSP can help you lower your income tax bill, pay for your education, buy your first home, or build a retirement nest egg.

An RRSP not only keeps more money in your pocket by lowering your income tax bill, but your RRSP savings grow faster because you only pay tax when you take the money out. Some plans like the Home Buyers’ Plan even allow tax-free withdrawals, as long as you repay the money within a certain timeframe.

Similarly, if you are looking for Group Retirement plans, a group RRSP can save you even more with easy payroll contributions which give you an immediate tax break, competitive fees on your savings, and sometimes even company matching programs.

How does an RRSP work?

Each year, there is a limit to how much you can contribute to your RRSP. Check your most recent Notice of Assessment (NOA) from the Canada Revenue Agency (CRA) to confirm your maximum contribution limit. You can also view your deduction limit online when you register for CRA’s My Account.

Setting up your RRSP online is simple. You can make a one-time, lump-sum deposit or regular, automatic transfers to an individual RRSP. If you belong to a company-sponsored group RRSP, contributions are usually made directly from your employer’s payroll.

Best age to get an RRSP

There is no minimum age to open your RRSP. But, you have to have earned employment income to earn contribution room. Plus, to contribute more than $2,000 a year, you need to be at least 18 years old. If you’re in your 20’s and making a substantial salary, ($50,000+) then it might be a good time to open your RRSP.

Group RRSP vs Individual RRSP

To put it simply, a Group RRSP works the same way as an individual RRSP, but it is offered through your place of work. It features tax-deferred growth and tax-deductible contributions. The key difference in terms of advantages, is that your employer adds to the equation. Unlike an individual RRSP, members of a Group RRSP are generally not allowed to purchase individual securities.

Group plans can be very flexible in terms of how money is received at retirement. The policy member has the option of purchasing a fixed-term annuity or purchasing a Registered Retirement Income Fund (RRIF), purchasing a life annuity, or taking the money in cash.

How much does it cost to retire in Canada?

You’ll need about 70% of your current income to spend every year in retirement. So if you made $100,000 before retiring, you’ll need $70,000 per year to retire.

Our Reviews

Excellent4.8 ★★★★★ Very good. LovelyDonna KeenanDonna Keenan ★★★★★ Our agent Artmiz was very knowledgeable and answered all of our hypothetical travel scenarios with ease. The premium savings were significant because Allianz offers "top-up" products to those of us who have existing coverage, but need more.catherine onishicatherine onishi ★★★★★ Ummi is always helpful and professional. She has been helping our family for all travel insurance over the past years.MargieMargie ★★★★★ Ummi is courteous and professional. Good job!Rod SetoRod Seto ★★★★★ Artmiz was very pleasant and helpful in providing the coverage needed for my trip.John CliffordJohn Clifford ★★★★★ Nice Dealing And Nice Explanation…Harman BasraHarman Basra ★★★★☆ I want to let everyone know that when you buy your insurance from Alliance, buy it from Dornaz. I have had 2 separate policies through her and can't say enough about her thoroughness, knowledge of the product and her customer service. It was pleasure dealing with her.Nola DyckNola Dyck ★★★★★ Great customer serviceJennifer PhillipsJennifer Phillips ★★★★★ I had a very good experience with Dornaz. She was very helpful and got my policy together quickly. I will certainly recommend her to my friends.Steve StaplesSteve Staples ★★★★☆ Thank you Theresa and Adam for your help with our travel insurance plans, for your timely assistance and the savings you were able to find for us.Yogashiatsuyucatan DonypaolaYogashiatsuyucatan Donypaola ★★★★★ Artmiz Namazi provided excellent service. She was very professional and took the time to explain the insurance coverage and answer all my questions. She is a great asset to your company and I will not hesitate to recommend her to my friends and familyChris DingsdaleChris Dingsdale ★★★★★ Artmiz was very helpful, friendly and informative. She really knows her subject and was ready to help in any way.Carolyn CassellsCarolyn Cassells ★★★★★ Theresa Heuser is professional and competent in the insurance process. A pleasure!Ronald BironRonald Biron ★★★★★ What a pleasure dealing with Ummi, who took all the pain out of purchasing Travel Insurance for my wife and I, who are both 80 year old Seniors. Sensitive and yet enquiring, Ummi guided us through the minefield of questions with the competant ease of an expert. Ummi was responsive to any unintended omissions and made sure there were no loose ends that could disqualify any future claim. We go on Holiday knowing that we have been professionally prepared with cover for Medical emergencies, if they should arise.John DawkinsJohn Dawkins ★★★★★ great service by the phone and email.h mh m ★★★★★ We bought Emergency Medical policy for our coming trip from Ummi Hanny. She was such a good help and responsive to all our questions, either by phone or emails. Such an excellent service, above and beyond our expectations!! Thank you!Jacob SteinbergJacob Steinberg ★★★★★ We booked travel insurance with Ummi Hanny for a river cruise we are taking this summer. She was very professional, responded quickly and efficiently to emails, calls and questions. Would definitely recommend her and Alliance/Allianz.Kathy CastleKathy Castle ★★★★★ It was a pleasure to deal with Artmiz. Very polite and Patient. Nice to deal with someone who knows and enjoys their job.Tom BrailsfordTom Brailsford ★★★★★ I just finished getting a tailored insurance package with the help of Ummi. I really appreciated the attention to detail and how knowlegable she was on the various packages. Ummi was able to get us an annual package for me and my wife that focused on our need for Trip Cancellation/Inturruption and also a single trip comprehensive package for our 3 grandchildren that will be traveling with us on our next trip. It was a pleasent experience. Ummi detailed the options and made recommendation that ensured we had the coverage we needed at the best possible price. This was all done over the phone and email and we received the comple package immediately after the purchase in our email. Thanks UmmiJeff LangJeff Lang ★★★★★ We were helped by Ummi Hanny she is very professional and helpful.Thanks for your understanding,Heinz KriegerHeinz Krieger ★★★★★ Ummi was our Insurance agent helping with getting medical and cancelation policy -she was very professional and knowledgeable and was able to get us a very reasonable insurance rates.Milos RudolfMilos Rudolf ★★★★★ Eric provided policy information, confirmed my personal details to ensure the policy would be correct, processed my payment quickly.Tracy HastingsTracy Hastings ★★★★★ I dealt with Ummi Hanny, oh my she was wonderful! She even laughed at my jokes. What a great first experience.Lise BeaulneLise Beaulne ★★★★★ Ummi. was very helpful and pleasant. Billwilliam rockwilliam rock ★★★★★ Our purchase of Allianz Emergency Medical Insurance through Alliance Income Services Corp was a breeze. Ummi and Mariam was a pleasure to work with. They were both very patient, knowledgeable, and efficient in presenting the various options available to us. Mariam did a lot of leg work comparing several insurance companies just to find a plan that suit our needs. Ummi then completed the processing of the policy effortlessly and made the process seamless. I would highly recommend anyone who needs an insurance coverage to speak to especially this two ladies.Danny ChinDanny Chin ★★★★★ My agent Artmiz was very helpful and provided me with a quote quickly. When I was ready to accept the quote she responded quickly and sent me all the necessary documents just as efficiently. Happy with my interactions.Stephanie RumbleStephanie Rumble ★★★★★ Eric and Bob were both extremely helpful and attentive to my needs.Paul CodyPaul Cody ★★★★★ Teresa was great. Addressed all my concerns.Robert CarterRobert Carter ★★★★★ The service given by Ummi Hanny was excellent- very pleasant, courteous and professional.Simin MeshginnafasSimin Meshginnafas ★★★★★ I had a top notch experience with this insurance broker. Eric Clementi was the person that helped me from the day that I asked for a quote online. He was very thorough with explaining every minor details that might be misunderstood between the client and the provider. Eric is very professional with his tone of voice which makes a potential client feel at ease. Nonetheless, I’ve tried different insurance broker, their monthly fees are way above the average, Alliance income Services Corp has the most decent fee for a family of five… it’s a bang for the buck kind of thing. Truly recommend this company. 👍Mark EngelMark Engel ★★★★★ Eric Clemente and Ryan were excellent to deal with. Both were very helpful , to the point , and curious .Michael BoudreauMichael Boudreau ★★★★★ Excellent service by Eric Clementi and Ryanmargaret burnsmargaret burns ★★★★★ Eric and Adam were very helpful with my travel medical insurance. Now I realize if I have to use this coverage that I will be in great hands.Bonnie SmithBonnie Smith ★★★★★ Hello...Eric was very easy to work with ....very polite....and set up my insurrance policy very quickly....thank you again Eric....Marsha Risser.Marsha RisserMarsha Risser ★★★★★ I ordered insurance for my husband and myself. It was a very easy process and was helped greatly by Eric and Dylan. Both were very diligent with helping me through it all. Very easy and quick.Marilee Van BuskirkMarilee Van Buskirk ★★★★★ It was a pleasure speaking with Eric Clementi. He was polite, understanding and considerate.Mohinder BangaMohinder Banga ★★★★★ I was quite happy to get excellent & friendly customer services from Artmiz - very helpful & knowledgeable!Bruce YeeBruce Yee ★★★★★ Great service from knowledgeable and very helpful people. Thank you Eric Clementi and Ezarie!Beverley HowickBeverley Howick ★★★★★ Eric Clementi is the manYunus PatelYunus Patel ★★★★★ I had to sign up for my own health and dental insurance. The staff at this company were quick to get back to me and provide suggestions on insurance plans. The sign up process was very easy to do over the phone. I communicated with Eric Clementi who was very professional and efficient.Muhammad KoyaMuhammad Koya ★★★★★ It was pleasure working with Mariam and Eric. We are seniors and trying to get a reasonable price for travel insurance.Fay BellefontaineFay Bellefontainejs_loader

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How You Can Get the Most from Your Contributions?

Building up your savings can be challenging in today’s economy, but with the right tools, you can be well on your way to a comfortable life. There is a huge satisfaction when you see your savings grow.

If you want to maximize your savings potential, you can add mutual funds, guaranteed investment certificates (GICs), segregated funds, bonds and stocks to your RRSP or TFSA. Here are a few options that can help you make the most of your contributions:

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PAY YOURSELF FIRST WITH PAC PLAN

A pre-authorized chequing (PAC) contribution plan can help you make regular, and automatic contributions to your investments. It treats regular savings like any recurring payment. PAC’s are more effective because the more frequently you contribute, you get the advantage of dollar-cost averaging.

Catch up on unused RRSP contribution room with an RRSP loan

An RRSP loan can grow your savings by allowing you to catch up on RRSP contributions. When you catch up on contributions using a loan, you’re giving your investments the most available time to grow.

Contribute to a spousal RRSP

With a spousal RRSP, the spouse with the higher income makes an RRSP contribution and claims the tax deduction, while the other spouse owns the plan and the money in it. Spousal RRSPs are mostly used to equalize income during retirement, which lowers the overall family tax rate.

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