Registered Retirement Savings Plan Contribution

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Registered Retirement Savings Plan Contribution

An amount of money that a worker places into a Registered Retirement Savings Plan at regular intervals. In Canada, an RRSP is an account into which a worker may make these contributions up to a certain limit throughout his/her working life, and from which he/she begins to take distributions following retirement. The contributions are tax deductible, and they are invested in securities, usually common stock and certificates of deposit.
References in periodicals archive ?
One of those ideas was to allow people who could not afford to use their RRSP room to sell some of it to those who could afford to use it, allowing both people to increase their RRSP contributions.
RRSP contributions are not very glamorous, but there are major downsides to not making any.
with respect to timing, the impact of placing charitable donations in direct competition with RRSP contributions.
Note that this criticism would apply equally to the proposed CPP enhancements put forward by Ontario and other provinces--in fact, CPP enhancement could actually be worse than tax-deferred saving in a pension plan or RRSP because individuals' CPP contributions do not enjoy the same tax preference as pension and RRSP contributions.
The RRSP Contributions FinApp allows a user to estimate tax savings by (1) manually entering in key data about their particular situation, (2) seeing how contributions impact their taxes, and (3) determining if a loan to support the contribution is advantageous if the money needed is not immediately available.
Corps division's controversial use of funds from the commissionaires' RRSP contributions to rectify a $531,000 accounting error.
The Committee approved an annual allowance for each Member equal to half the dollar limit for RRSP contributions set under the federal Income Tax Act.
Spousal RRSP contributions are a long-term way of shifting future income to a spouse with the lower tax rate.
In the majority of situations the most effective way to attain financial security in retirement is additional RRSP contributions.
Now RRSP contributions exceed the total of employee and employer contributions to employer-provided pension plans.
For example, they can have a sub-account for their mortgage, another for RRSP contributions, another for their children's education savings and another for every day expenses.