Registered Retirement Savings Plans (RRSPs), simply put [Video 1:16] (2012)

This document is housed on the Sun Life Financial server, under Brighter Life.

This short animated video explains the workings of a Registered Retirement Savings Plan (RRSP), a savings plan that allows individual Canadians to defer paying tax on money to be used for retirement.

Money contributed to an RRSP reduces a person’s taxable income and, in turn, reduces the amount of income tax payable. RRSP funds are taxable once they are withdrawn in retirement, when the individual’s income and tax rate are lower.

Canada’s income tax legislation stipulates the maximum annual contribution, the timing of contributions, and the eventual conversion of the savings to an income fund in retirement.

The video explains that the assets in an RRSP can be held in a variety of forms, including guaranteed income certificates (GICs), bonds, stocks, and mutual funds.

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Added: 
2013-05-31
APA citation
Sun Life Financial. Registered Retirement Savings Plans (RRSPs), simply put [Video 1:16] 2012. Web. 6 Aug. 2020 <http://www.youtube.com/watch?v=nSlQOhKMiog>
Sun Life Financial (2012). Registered Retirement Savings Plans (RRSPs), simply put [Video 1:16]. Retrieved August 6, 2020, from http://www.youtube.com/watch?v=nSlQOhKMiog
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