As a newcomer to Canada, you’ve been through a number
of changes recently. But as you begin to feel settled,
you are likely to start thinking about the future. Saving
for your future financial goals is a key component to building your
financial security, and an RRSP or TFSA can play an important role in
helping you live the lifestyle you want. |
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What
is a Registered Retirement Savings Plan (RRSP)?
An RRSP is a type of savings or investment plan
in which you may put aside money with the intention
it will provide income when you retire. It
is registered with the Canada Revenue Agency giving
you important and unique tax advantages.
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What is the Tax-Free Savings Account (TFSA)?
The new TFSA can help you meet some of your financial goals such as buying your first car, home or saving for a family vacation. Available in January 2009, the TSFA will allow all Canadian residents (18 years of age or age of majority in their province) to contribute up to $5,000 each year tax free. Talk to an RBC® advisor about how a Tax-Free Savings Account can work for you.
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Benefits
of an RRSP
If you make a contribution to an RRSP, that amount can be deducted from your
income at tax time, lowering the overall tax that you pay in a year. Also,
the interest and investment income earned by the RRSP is allowed to accumulate
tax-free while it is in the plan, meaning the value of your plan can increase
significantly over the long period of time it is invested.
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It’s easy to open your first RRSP
You can open an RRSP account if you are 71 years of age or younger and have
a Social Insurance Number (SIN). You must also have created contribution
room by earning income in Canada in a previous year and filing an income tax
return.
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To
get started saving for your retirement, just visit
your local RBC branch or contact a financial advisor
by phone.
 Learn
More
New to Canada? For more information about banking in Canada, our products, services and how we can help you get settled here please visit our site.
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