RRSP and RRIF
Registered Retirement Savings Plan (RRSP)
An RRSP is a government approved plan that enables you to save money for your retirement. Annual contribution limits are based on your previous year's earned income.
Your contributions are tax deductible and income is tax sheltered until you remove funds from your plan. The money in your RRSP can be invested in a High Interest Savings Account, Guaranteed Income Certificates (GICs), Canada Savings Bonds (CSBs), Canada Premium Bonds (CPBs), and/or mutual funds.
Registered Retirement Income Fund (RRIF)
By the end of the year in which you turn 71 any RRSP held by you must either be redeemed in full or alternatively, be converted to a RRIF.
The RRIF product provides the annuitant with periodic income which is taxed at the effective rate for the year of receipt.
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