RRSP | Shivang Goyal Insurance

Key Benefits

('Contributions are tax-deductible — reduces your income tax today', 'Investments grow 100% tax-deferred inside the plan', 'Spousal RRSP splits income effectively in retirement', "First Home Buyer's Plan: withdraw up to $35,000 tax-free for a home purchase", 'Lifelong Learning Plan: withdraw for education, repay over 10 years', 'Wide investment choice: GICs, mutual funds, segregated funds, stocks')

🏗️ Engineering Your Wealth

Just like a structure needs each component working together, your investments need to be coordinated with your insurance, tax situation, and retirement goals.

I provide a full financial picture — not just one product — so every dollar works harder for you.

Common Questions

What is an RRSP?

An RRSP (Registered Retirement Savings Plan) lets you contribute pre-tax dollars and defer tax until withdrawal — ideally in retirement when your income (and tax rate) is lower.

What's the 2025 contribution limit?

The 2025 RRSP limit is $32,490 plus any unused contribution room carried forward from previous years. Check your Notice of Assessment for your exact room.

When should I convert to a RRIF?

You must convert your RRSP to a RRIF (or annuity) by December 31 of the year you turn 71. Minimum annual withdrawals then apply.

RRSP vs. TFSA — which first?

If you expect a higher tax rate now than in retirement, prioritize the RRSP. If you're in a lower bracket now, the TFSA may be better. Often, both together is the right answer.

Registered Retirement Savings Plan

Key Benefits

🏗️ Engineering Your Wealth

Common Questions

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