Quirion Financial
Services

1085 Carrick Street
Thunder Bay, ON
P7B 6L9

807-622-3700
1-800-785-2877

RRSPs

A Registered Retirement Savings Plan (RRSP) is a savings plan in which investments are held in a tax-deferred state as the investments grow. To contribute to an RRSP, you must have a social insurance number, have earned income in Canada in a previous year and be under the age of 69. The optimum RRSP plan offers immediate tax savings with enough compounded growth to meet, and possibly exceed, your future income needs.

Starting an RRSP

RRSPs are easy to set up. An investment advisor can help prepare the initial paperwork and/or the transfer of an existing plan. Investment advisors can play a valuable role in arranging the right contribution plan for your financial situation and the ideal asset mix to help you reach your investment goals. Staying current about administrative and tax-related changes, as well as how economic conditions may impact your investments is another valuable reason to retain an investment advisor. From tax deferral to building your nest egg, there are numerous benefits to investing for retirement through an RRSP.

Tax savings

You can deduct the allowable contributions you make to your RRSP from your annual income, thus reducing the amount of income tax you pay.

Compound interest

All income earned within your RRSP is tax deferred until the funds are withdrawn.

Peace of mind

An RRSP is one of the most effective ways to build a solid financial foundation, and to achieve the lifestyle in retirement you desire.

Home Buyer’s Plan

You can withdraw up to $20,000 from your RRSP investment to be used toward the down payment of a first home – and not be taxed on the withdrawal.

Lifelong Learning Plan

You are allowed to withdraw, on a tax-free basis up to $10,000 per year (maximum $20,000), if are enrolled in full-time training or higher education for at least three months during the year.