Registered Retirement Savings Plan

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Registered Retirement Savings Plan (RRSP)

Tax-sheltered retirement plan for Canadian citizens, much like an American IRA.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Registered Retirement Savings Plan

In Canada, an account into which a worker makes contributions up to a certain limit throughout his/her working life, and from which he/she begins to take distributions following retirement. A registered retirement savings plan allows for tax deductible contributions and taxable distributions; that is, contributions are tax-deferred until retirement. Registered retirement savings plans may be invested in securities and usually own common stock and certificates of deposit. It is the Canadian equivalent of an IRA.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

registered retirement savings plan (RRSP)

A personal tax-sheltered retirement plan for Canadians that is similar to individual retirement accounts offered in the United States. Contributions may be deducted from taxable income, and earnings on contributions are exempt from taxation until withdrawals are made.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
For the first time, the poll found more Canadians have TFSAs than RRSPs (Registered Retirement Savings Plans), by 57% compared to 52%.
He concluded that contrary to popular opinion, the savings rate for pensions and RRSPs as a share of employment income almost doubled from 7.7 per cent in 1990 to 14.1 per cent in 2012.
Advocates of a universal allowance, among them Richard Pereira and Guy Standing, propose financing the program by eliminating tax shelters such as RRSPs or lower tax rates for capital gains, taxing profits from internet-based multinational corporations such as Netflix and reducing tax evasion in offshore tax havens.
"The Overlooked Option for Boosting Retirement Savings: Higher Limits for RRSPs."E-Brief.
Despite using various financial tools for retirement savings such as RRSPs (45 per cent), cash savings (43 per cent), or TFSAs (39 per cent), 45 per cent of Canadians are still not confident that they will have enough money in retirement to afford the lifestyle they want.
(6) The largest discrepancy was with respect to median income from private pensions and RRSPs. The $8,000 received by women was barely half of the $15,200 received by men.
However, 14 per cent of Canadians say they are investing less in registered retirement savings plans (RRSPs) and 12 per cent are putting less into tax-free savings accounts (TFSAs).
This item explains the evolution of the IRS reporting requirements for Canadian registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs).
Third, financial education is also needed to ensure that citizens effectively utilise tax assisted vehicles such as RRSPs and TFSAs.
Founded in 1892, iA Financial Group offers life and health insurance products, mutual and segregated funds, savings and retirement plans, RRSPs, securities, auto and home insurance, mortgages and car loans and other financial products and services for both individuals and groups.
As Margaret explains, "David contributed generously to RRSPs during his working life, but there comes a time when you will be taxed on what has been accumulating tax-free.