Saving for your retirement is extremely important to ensure that you are comfortable and secure in your senior years. Fortunately, there are many savings plans available to you to help you save, such as the Registered Retirement Savings Plans Edmonton offers.
RRSPs are a tax deferred savings vehicle that allows you to lower your taxable income while saving money for retirement. The money that you contribute to your RRSP account will not be taxed until you start making withdrawals. The RRSP contribution limit as of 2017 is 18% of your earned income reported in the previous year on your tax return, up to the maximum of $26,010.
The money in your RRSP is invested so that it will grow overtime. In addition, your employer can choose to make contributions to your RRSP which will help you to save faster for retirement.
