Registered Retirement Savings Plans (RRSP)
Making Contributions to your RRSP
- Currently, you can invest 18% of what you earned in the previous
year, up to a maximum of $19,000 for 2007 and $20,000 for 2008.
- Your notice of assessment indicates your personal contribution amount.
- You can carry the unused portion of your contribution amount forward indefinitely.
- There are no limits on carry forward amounts.
Withdrawing Money from your RRSP
- For any withdrawal, you are immediately charged tax and lose compound growth potential.
- With the Home Buyers Plan, you can withdraw up to $20,000 if you meet the criteria of a first time home buyer and must repay 1/15th of the amount you borrowed annually, repaying all funds within 15 years.
- With the Lifelong Learning Plan, you can withdraw up to $20,000 over four years to fund full-time studies at a qualifying educational institution, repaying the money over a 10-year period.
- If you miss a payment on either plan, the amount will be added to your taxable income in that year.
For more information on Registered Retirement Plans, please visit the RBC Royal Bank Retirement site.
To learn more about individual RBC Funds and how they can address your investment objectives, access our Fund Updates. If you are ready to invest now, contact your advisor or explore the options available to invest with RBC Financial Group.
To learn more about registered investing see below:
