Registered Retirement Savings Plan Contribution - RRSP Contribution
- Registered Retirement Savings Plan Contribution - RRSP Contribution
- Assets invested in an RRSP. RRSP contributions can be made at any time and for any amount up to an individual’s contribution limit for the year. If a contributor does not make the maximum allowable contribution, the balance of unused contribution room from 1991 onwards is carried forward indefinitely. This allows people to make up for the years that they did not maximize their allowed RRSP contributions.
Because RRSP contributions can be made at any time, are tax deductible and can be made in cash or in-kind, they present a tremendous opportunity for reducing income taxes.
Investment dictionary.
Academic.
2012.
Look at other dictionaries:
Registered Retirement Savings Plan — A Registered Retirement Savings Plan or RRSP is an account that provides tax benefits for saving for retirement in Canada. RRSP refers to a provision in the Income Tax Act that allows a person to shelter financial property from income taxes.RRSPs … Wikipedia
Registered Retirement Savings Plan - RRSP — A legal trust registered with the Canada Revenue Agency and used to save for retirement. RRSP contributions are tax deductible and taxes are deferred until the money is withdrawn. An RRSP can contain stocks, bonds, mutual funds, GICs, contracts… … Investment dictionary
Registered Education Savings Plan — A Registered Education Savings Plan, or RESP, is a savings account used by parents to save for their children s post secondary education in Canada. The principal advantages of RESPs are the access to the Canada Education Savings Grant (CESG) and… … Wikipedia
Registered Retirement Savings Plan Deduction Limit - RRSP Deduction Limit — The maximum amount that the Canada Revenue Agency (CRA) allows a taxpayer to deduct from his or her personal income when calculating tax liability. The sum of contributions made to a taxpayer s personal RRSP and his or her spouse s or common law… … Investment dictionary
Tax-Free Savings Account — The Tax Free Savings Account or TFSA was introduced by Jim Flaherty, Canadian federal Minister of Finance, in Budget 2008. It was a significant measure in the budget and will be coming into effect on January 1st, 2009. [“Get ready for new Tax… … Wikipedia
Tax-Free Savings Account - TFSA — An account that does not charge taxes on any contributions, interest earned, dividends or capital gains, and can be withdrawn tax free. Tax free savings accounts were introduced in Canada in 2009 with a limit of $5,000 per year, which is indexed… … Investment dictionary
Superannuation in Australia — Total superannuation industry assets at the end of the financial year 1996 2006 … Wikipedia
Accumulated Income Payments - AIP — Money withdrawn from a Canadian Registered Education Savings Plan (RESP) if the RESP s beneficiary declines to attend college. RESPs allow contributions to grow tax free until the money is withdrawn, at which time taxes on withdrawals tend to be… … Investment dictionary
