Sherrett Insurance Agency Ltd.
Estate Planning, Corporate Benefits, Investments, Insurance, Retirement Planning
Quick Links
- Protect you and your family. Ask about life insurance.
- Buying a home? Own a home? Ask about mortgage insurance.
- Planning for retirement? Ask about RRSPs.
- Company need stability? Ask about securing funding.
- Company growing? Ask about employee benefit plans.
- Want long-term prosperity? Ask about succession planning.
- Access medical claim forms and renewal forms.
- Book a meeting.
Registered Retirement Savings Plans (RRSPs)
A Registered Retirement Savings Plan is an investment plan that you contribute to, to save for your retirement. Any income you earn in the RRSP is usually exempt from tax for the time the funds remain in the plan. However, you generally have to pay tax when you cash in, make withdrawals, or receive payments from the plan.
Your annual RSP contribution can reduce the amount of income tax you pay in that year and the money you put away can have years of tax-deferred growth potential. You only pay tax on the amounts you withdraw.
RRSPs:
- Supplement your retirement income so that you can maintain your lifestyle after you retire.
- Reduce your yearly income tax
- Earn you tax-deferred investment income on your savings
- Can also help you buy your first home or pay for education.