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The RRSP

The registered plan retirement savings plan (RRSP) allows you to save tax-free,
and your investment income is taxable only when you withdraw it from your RRSP.

For the 2022 tax year, the RRSP contribution deadline is March 1, 2023.
Any contributions paid after this date must be included in your tax return for the following year.

To find out how much to contribute to your RRSP, we invite you to consult your latest notice of assessment from the Canada Revenue Agency (CRA) to find out your contribution limit,

which refers to the maximum amount you can contribute to your RRSP without penalties for the current year.

If you do not reach your limit, your unused rights carry over to the following year.

Please note that there are ways to add investments to your RRSP in order to grow your money.

Our advisors can help you make informed choices based on your objectives, your risk tolerance, your investor profile, the number of years until retirement and of course, your unique needs.

By contributing to your spouse's RRSP, you benefit from the deduction in the calculation of your taxable income, even if you are not the beneficiary.

The major advantage of contributing to an RRSP is that it reduces your taxable income, which allows you to save more money because you pay less taxes.

At Unigroupe, we recommend our clients' investments in an RRSP, for three major reasons:

- Planning your retirement

- Buying your first house
- A return to full-time studies

Below, our tips to help you save money with peace of mind.

Planning your retirement

Since government pensions may not be sufficient, it is essential to provide other income such as your personal savings and your RRSP.

Eestablish your retirement age, because it is this number which indicates the time you will have to achieve your objectives

Save in investments that are compatible with your daily reality, your risk tolerance, and of course, the number of years before retirement.

The nature of your retirement plans and your desired standard of living will greatly determine the amount you will have to put aside and to do this, it is important tocalculate how much to invest per year.

Our advisors will be able to guide you in this direction.

*Our advisors are well equipped to guide clients who have chosen the path of entrepreneurship.

Because preparing for retirement is everyone’s business.

Buying your first house

The Home Ownership Plan (RAP) is a government program that allows you to borrow from your RRSP to buy or build your home, without paying taxes.

You have 15 years following the acquisition to repay the amount borrowed without interest.

Please note that it is possible to go up to $35,000 per borrower and
$70,000 for a couple.

You are eligible if you and your spouse did not own a principal residence during the year of withdrawal from the RRSP and the 4 preceding calendar years.

You can benefit from the RAP more than once if you have repaid the previous RAP in full while respecting the deadlines.

Back to school

Just like the RAP, the continuing education incentive plan (the REEP) is a government program allowing you to borrow from your RRSPs for return to school or for your spouse's return to school, always without paying taxes.

You have 10 years to repay, without interest.

The withdrawal limit over 4 years is $20,000 and the amount must be used for full-time studies.