Best RRSP Savings Accounts in Canada
A Registered Retirement Savings Account (RRSP) is a valuable financial product that helps you save a portion of your income for your retirement years. As long as you’re below 70 years of age, you can invest a sum each year before March 1st and avail of its many benefits.
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Citizens who turn 71 years can contribute to the investment plan only up to December 31st. If you need more information about the RRSP and how it works, you’ve come to the right place. Read ahead for details about how this investment opportunity works.
You Can Contribute a Percentage of Your Yearly Income into the RRSP
Your accountant or CRA can advise you best on the amount you can contribute into the RRSP for the year. These limits can change each year and typically remain around 18% of the income you earned or up to $26,230, at the most. Although you can deposit more funds into the RRSP, only a specific limit can be claimed as deductible.