An RRSP, or Registered Retirement Savings Plan, is a retirement savings tool where the funds invested are registered with the Canadian Government. Each year, you can invest up to a certain percentage of your annual income into a RRSP, which is then deducted from your total income. Your contribution amount can be found on your most recent Notice of Assessment of your Income Tax Return. Any growth in an RRSP will accumulate tax deferred until it is withdrawn. Any early withdrawals are subject to income tax and withholding tax.
We offer a variety of options to invest in your RRSP: a variable rate savings account, RRSP eligible GICs or Mutual Funds (please see separate section about Mutual Funds). You can even set up regular automatic transfers which will help to build your retirement savings. Speak to one of our Member Service Representatives for more information.
If this is your first RRSP with PARAMA, you will need to visit one our branches to complete and sign the required documentation. You may expedite your visit by completing and submitting these on-line forms beforehand.