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    Build Your Retirement Savings
    Tax-Deferred and Flexible

    Grow your wealth for retirement with an RRSP from Punjab Insurance. Enjoy tax advantages, flexible contributions, and expert guidance to help you reach your financial goals.

    A clean, modern desk with an RRSP insurance document, a pen, a calculator, Canadian coins and bills, and a Canadian flag in the background, representing financial planning and RRSP insurance in Canada.

    What Is an RRSP?

    A Registered Retirement Savings Plan (RRSP) is a government-registered account that helps Canadians save for retirement. You (and your spouse or common-law partner) can contribute up to your annual limit, reducing your taxable income and deferring tax on investment growth until withdrawal.

    • Tax-deductible contributions, reduce your taxable income now
    • Tax-deferred investment growth-pay tax only when you withdraw
    • Flexible contributions and investment options
    • Ideal for long-term retirement planning

    Registered Retirement Savings Plan (RRSP)

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    How Does RRSP Work?

    Contribute
    Contribute

    Deposit funds up to your annual RRSP limit (based on income and government guidelines)

    Grow
    Grow

    Investments inside your RRSP-stocks, bonds, GICs, mutual funds-grow tax-free until withdrawal

    Withdraw
    Withdraw

    Pay tax only when you withdraw funds (usually during retirement, when you may be in a lower tax bracket)

    Spousal RRSPs
    Spousal RRSPs

    Split income in retirement and reduce your family's overall tax bill

    RRSP Tax Tips & Strategies

    • Federal Age Tax Credit: If you're 65+, you may qualify for an additional age deduction
    • Pension Tax Credit: First $1,000 of pension income is eligible for a federal and provincial tax credit (some exceptions apply)
    • Spousal RRSPs: Contribute for a lower-income spouse to maximize tax savings
    • CPP Splitting: Assign 50% of CPP benefits to a lower-income spouse to reduce taxes and avoid OAS clawback
    • Withdraw Strategically: Consider the impact of RRSP withdrawals on government benefits and credits (e.g., OAS, GST, age credits)
    • Maximize Charitable Donations: Combine donations on one return to increase your tax credit
    • Transfer Unused Credits: Pass unused age, pension, disability, tuition, or education credits to a spouse

    Why Choose Punjab Insurance?

    Access to Canada's top insurer
    Access to Canada's top insurers and competitive quotes
    Expert advisors
    Expert advisors to help you compare options and choose the right coverage
    Transparent advice
    Transparent advice on the pros and cons of each option

    FREQUENTLY ASKED QUESTIONS

    Frequently Asked Questions about
    RRSP

    How much can I contribute to my RRSP?
    Your annual limit is based on your income and set by the government-ask us for your personalized limit.
    When should I start withdrawing from my RRSP?
    Most people begin withdrawals in retirement, converting to a RRIF or annuity at age 71.
    What investment options are available?
    Choose from mutual funds, GICs, stocks, bonds, ETFs, and more.
    How do I get started?
    Get a free quote or schedule a call with a licensed Punjab Insurance advisor for personalized help.
    View all Faq's

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    Why Families & Businesses Choose Punjab Insurance

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    Build your retirement savings with a tax-deferred and flexible RRSP. Take advantage of smart tax planning, adaptable contribution options, and expert guidance to help grow your wealth and achieve long-term financial security.
    Disclaimer: Information on this page is for general guidance only and not a substitute for professional advice. Please consult a licensed Punjab Insurance advisor for personalized recommendations.