No matter what your age or financial status, it’s never too early to start saving for retireme
nt. At Denikings Insurance & Investment Broker, we want our customers to achieve the long-term financial security they deserve. With our Registered Retirement Savings Plans, we help people just like you set themselves up for the future.
RRSPs are a retirement savings tool created by the Canadian government. After making regular contributions into a tax-sheltered retirement portfolio (often a managed Mutual Fund*, Segregated Fund, Guaranteed Income Certificate or a Bank Savings Account) for 30-40 years, you will have a large capital thanks to compound interest.
- You must be under the age of 71 to open a RRSP.
- You must file your income taxes with the Government of Canada
- Contribution room: Lesser of 18% of your annual earned income and $22,970.
*Mutual Funds license sponsored by Shah Financial Planning Inc.
Head Office: 3459 Shepperd Avenue East, Suite 204, Scarborough ON, M1T 3K5
Telephone: (416) 298-4900
Fax: (416) 298-9759
Website: www.shahfinancial.ca
Withdrawals
A very large benefit offered by the RRSP is that all funds invested into the plan can be deducted from your taxable income. However, if funds are withdrawn from the plan, they will be subject to tax. The tax amount will be held back by the RRSP administrator and remitted on your behalf to the government.
Over-Contributions
Over-Contributions of up to $2000 are allowed. Over-contributions above this amount are subject to be taxed.
At Your Service
At Denikings Insurance & Investment Broker, our goal is to help take the guesswork out of setting up and funding your Registered Retirement Savings Plan. When you come to us, we’ll take the time to discuss your financial needs, goals, and concerns. Every member of our team is dedicated to offering outstanding customer service; and if you have questions about your options for retirement savings, we’ll be happy to answer them in detail.
Let Denikings Insurance & Investment Broker help set you on the path toward a more comfortable retirement. Call now for more information or to schedule an appointment.
Disclaimer: Insurance, Investment and Mortgage products & services are provided by Devangkumar Shah.
Mutual Funds license sponsored by Shah Financial Planning Inc.
Lotus Loans and Mortgage ltd. is the principle mortgage broker.