Variable RRSP

Features

  • redeemable and accessible any time
  • interest is calculated daily and paid semi-annually
  • regular weekly, bi-weekly or monthly contributions can be set up

Benefits

  • money is accessible at any time
  • regular contributions allow your retirement savings to grow a step at a time
  • investing money during your peak earning years, when you can most afford it
  • principal and earnings grow tax-sheltered.
  • RRSP investments result in Income Tax savings
  • eligible for personal or spousal RRSP contributions
  • anyone with earned income subject to Canadian taxation, including non-residents, may contribute

Restrictions

  • minimum $25 deposit
  • transfer a minimum of $500 a fixed plan at any time
  • when you withdraw money from your RRSP, government regulations require tax to be withheld.
  • at the end of the calendar year in which you reach the age of 71 you must purchase a Retirement Income Option or withdraw your RRSP funds.

Notes