Meridian - RRSP Plans – Invest

Contributions to an RRSP are tax deductible – every contribution that you make lowers your taxable income

RRSPs grow tax-free – you will only be taxed when you make withdrawals during your retirement

Any unused contribution room can be carried forward from year to year

Meridian has a wide range of RRSP investment options with competitive rates to meet your unique needs

FAQs

What are the benefits of an RRSP?
An RRSP provides you with a tax-deferred benefit that grows your money for your retirement. When you contribute to your RRSP, your taxable income is reduced by the amount of the contribution. Then, the RRSP grows tax-free and you will only be taxed when you make withdrawals during your retirement. At this point, you will likely be in a lower tax bracket.

Who can contribute to an RRSP?
Any Canadian who has employment income and files a tax return can contribute to an RRSP. There is no minimum age for making contributions, and contributions can be made up until December 31 of the year that you turn 71.

How much can I contribute to an RRSP each year?
You can contribute up to 18% of your earned income, up to a maximum that is set on an annual basis minus any employer sponsored pension plan contributions.

What happens with unused contribution room?
Unused contribution room can be carried over to subsequent years.

What if I want to make my RRSP contribution, but don't have money on hand?
Meridian can help you plan ahead to set aside money for next year’s contribution, or we can arrange an RRSP Line of Credit for your short-term contribution needs.

How can I fund my RRSP?
1. Transfer from savings
Build your savings throughout the year using Meridian’s High Interest Savings Account. When it comes time to invest in your RRSP, you'll already have the funds you need.
1. Pre-Authorized Contribution Plan (PAC) for your RRSP
Managing your RRSP savings with a pre-authorized contribution plan is a smart and easy way to save. Set up your PAC to automatically withdraw as little as $25 from your chequing or savings account. When it comes time to invest in your RRSP, you’ll already have the funds that you need.

What investment options are available for my RRSP?
At Meridian, we have a wide range of options to help you build your RRSP investment portfolio. Contact your Advisor today to learn more. Your Advisor will work with you to help find way to get your money working for your retirement.