Registered Retirement Savings Plan

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    A Registered Retirement Savings Plan (RRSP) is a type of Canadian account for holding savings and investment assets. Introduced in 1957, the RRSP‘s purpose is to promote savings for retirement by employees. It must comply with a variety of restrictions stipulated in the Canadian Income Tax Act. Rules determine the maximum contributions, the timing of contributions, the claiming of the contribution tax credit, the assets allowed, and the eventual conversion to an RRIF in retirement.

    Under recent legislation, first time home buyers in Canada are permitted to withdraw money from their RRSP‘s and use it for the down payment on a house or condo, a real estate purchase.

    This money must be repaid over time, at a rate of 1/15th each year over a 15 yr period, starting 2 years AFTER making the withdrawal.

     

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