RRSPs
Where saving for retirement is concerned, a Registered Retirement Savings Plan is an essential building block for most people. But what is it? In a nutshell, it’s an account that is registered with Canada Revenue Agency that you use to:
- save for your retirement.
- reduce your taxes
There is simply no better way to cut your tax bill and save for the future. At 1st Choice Savings, we make it our business to understand exactly how RRSPs can help you to build a solid investment plan, no matter where you are on your journey.
RRIF
A RRIF is simply a continuation of your RRSP, which reaches its shelf life when you turn 71. With a RRIF, your funds remain tax sheltered, you're still in control of how they're invested and you can draw from these funds as as income to live on. Once you begin drawing on your RRIF:
- you have the option to withdraw any amount per year above the minimum requirement
- all money withdrawn from your RRIF is taxed like a pay cheque - as straight income
We can help you set up your RRIF and make the most of the retirement funds you’ve worked so hard to build.
Helping you reach your retirement goals is just another way we put people 1st.
