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Financial Services: Registered Retirement Savings Plans in Canada

RRSPs can be a great financial strategy for reaching your future goals whether you’re looking to retire in the next couple of years or the next several decades. Many Canadians wonder whether RRSPs are the right investment strategy for them. LMBF’s financial advisors are here to work with you and help you curate a financial strategy that is best suited to your goals, income, and life circumstances so you can live confidently knowing you are prepared to handle whatever financial obstacles life might throw your way. If an RRSP is the strategy of choice for you, LMBF’s advisors can help work with you on plans for contributions and tailor guides on how best to make RRSP contributions.

The Benefits of LMBF’s RRSP Services

Tailored Advice

Tailored Advice

Here at LMBF, we work hard to develop personal relationships with our clients in order to offer you secure and tailored advice that helps you meet your financial goals. We offer realistic strategies which we curate based on our years of experience and time spent getting to know you.

Investment Solutions

Investment Solutions

No matter what your financial goals are for the future, LMBF is here to help you navigate the complicated world of investments and financial strategies to help you find solutions best fitted to your circumstances.

  Reasons to need RRSP planning
  • You want help to save for the future
  • You want to grow your savings tax-deferred
  • You want the choice of flexible contributions
  • You want the chance to pay less tax on your income tax return
  Ways that RRSP planning may benefit you
  • Tax-deferred savings growth
  • Stability after retirement
  • Recoup from any financial setbacks
  • Quality standard of living after retirement

What is an RRSP?

An RRSP, or Registered Retirement Savings Plan (or even RSP - Retirement Savings Plan) is a financial plan that is registered with the Canadian federal government. You can contribute to this plan over the years to build your savings for retirement. In the year that you make your contributions to an RRSP, your funds are considered “tax-advantaged” and can be exempt from taxes that year. Any RRSP investments held within the account can grow “tax-deferred” so long as it remains in the account. RRSPs are considered great strategies whether you are planning to retire in a few years or in the next several decades.

Our RRSP Plan Advisors

In Canada, an RRSP, or registered retirement savings plan, is an account meant to secure investments and savings. There’s no “one way” to go about contributing money to an RRSP, nor is there any guideline available on the Internet of Things designed to help every single Canadian determine their exact contribution strategy. LMBF’s RRSP advisors are here to help you meet your financial goals. If an RRSP is the strategy for you, give us a call today to discuss your needs, your financial goals, and we can get you started right away.

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Looking to Get Started on Your Registered Retirement Savings Plan? Get Started By Discussing With LMBF’s Financial Advisors.

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Canadian RRSPs: Some Frequently Asked Questions

A: That all depends. Many Canadians start planning for retirement without fulling knowing how long their retirement will last or how much they will need. LMBF’s financial advisors can give you tailored advice depending on your existing spending habits, realistic scenarios in the future, and help you navigate your planning strategies.

A: An RRSP deductible limit is the most that a Canadian taxpayer may deduct from their pre-tax retirement savings. The maximum amount is different each year and is determined by the CRA, which can be found on the taxpayer form “T1028”.

A: RRSPs have a maximum contribution limit and the deadline for contributions is March 1st of each year. Usually, the maximum contribution amount is the lesser amount of two options: either the percentage as determined by the CRA of your income from the previous tax year or the maximum annual contribution limit for the taxation year. In 2021, the annual limit was $27,830.

A: A “spousal” RRSP is a registered account where one spouse owns the account and the other is the contributor. The higher-earning spouse in a spousal RRSP receives a tax deduction which may lower their personal tax bill for that particular year.

A: The federal government offers a “Home Buyers’ Plan” which allows you to use up to around $35,000 of your RRSP (and double for spouses) to contribute to financing a down payment on a new home buy. There are several qualifications that you have to meet in order to use your RRSP to buy a home.

A: The biggest advantage of contributing to an RRSP is that it qualifies for a tax refund. By contributing to an RRSP, you are allowed a deduction from your existing income - overall reducing your taxable income. At the same time, the money that has been invested in your RRSP account may grow tax-free as long as it stays in that account.