RRSPs & RIFs

What is RRSPs & RIFs?

A Registered Retirement Savings Plan (RRSP) is a tax-free savings vehicle that drives a comfortable retirement in your golden years. A Registered Retirement Investment Fund (RRIF) is an extension of an RRSP. The year that you turn 71, you must withdraw the money from your RRSP.

Types of RRSPs & RIFs

Spousal RRSP

The scheme registered in the name of your spouse and to which you are contributing. As a contributor, you are eligible for a tax deduction, but the RRSP investment belongs to your spouse. The total amount contributed to your RRSP and your spouse's RRSP should not exceed the total deduction that you are allowed. It Minimizes the couple’s tax exposure.

Group RRSP

Regular deposit savings scheme that allows employees of a company to build capital for retirement through regular salary deductions. A group RRSP is considered a collection of individual RRSPs, as an individual contract is registered for each participating employee. Certain conditions apply regarding eligibility and withdrawal of funds.

Self-directed RRSP

An RRSP is self-directed if you set up and manage your securities portfolio yourself, or with the help of a broker. For those who want to invest their RRSP contribution in stocks and not in equity funds. Due to administrative service charges, if the investments you choose are exclusively fixed savings or investment funds, a self-directed RRSP may not be the best solution for you.

Mutual fund RRIF

You can choose from a variety of mutual funds from conservative money market funds to more aggressive funds that invest in equities. You can open this RRIF at most financial institutions. If you are looking for higher returns and comfortable with higher risk then this can be good.

Segregated fund RRIF

Segregated funds are similar to mutual funds. You open this type of RRIF with an insurance company. The main difference is that the insurance company guarantees between 75% and 100% of your original investment if you hold your investment for a fixed period of time - usually 10 years.

Fully managed RRIF

If you have a lot of retirement savings or a complicated financial situation, consider a fully managed RRIF. A professional money manager will create and manage a custom portfolio tailored to your financial goals and situation. This process is known as discretionary investment management.

Benefits of RRSPs & RIFs:

There are so many benefits of RRSPs & RIFs that should be as follows:

Contributions are tax deductible
You can convert your RRSP to get regular payments when you retire
A spousal RRSP can reduce your combined tax burden
Savings grow tax free
You can borrow from your RRSP to buy your first home or pay for your education
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          I'm 72 years old. Can I deduct my unused RRSP contributions?
          Even though you can't contribute to your RRSP after age 71, you can deduct unused RRSP contributions up to the amount of your RRSP deduction limit. You are not required to claim the undeducted contribution in a year.
          How much cash should I hold in my RRSP?
          In general, you should aim to contribute at least 10% of your gross income each year to your retirement savings. Start contributing in your early 20s, and 10% per year can add up to a sizable savings and a comfortable retirement.
          What is the effective date of the layoffs?
          For employees whose positions have been terminated, layoffs will be effective. Same day as notification. In some cases it may be necessary to delay. Layoff date to adequately transfer important knowledge and responsibilities.
          How do I decide what investments to hold in my RRSP?
          The investments made in your RRSP should complement the time you invest and your tolerance for risk as well as complement the rest of your investment.
          At what age should you stop buying RRSP?
          This is in contrast to tax-exempt savings accounts (TFSAs), which require Canadians to be at least 18 years old. However, there is a maximum age for RRSP. When Canadians reach age 71 they must close their RRSP at the end of the calendar year.
          Will outplacement services be provided to employees leaving the company?
          Yes, we have enlisted the services of Lee Hecht Harrison to assist employees in their future job searching efforts. More information about an individual will be provided
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