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Registered Retirement Savings Plan (RRSP)

An RRSP, or Registered Retirement Savings Plan, is a retirement savings tool designed to both encourage and help Canadians save for retirement. Contributions to an RRSP are tax deductible, meaning that when you make a contribution to an RRSP, you are reducing your taxable income by the amount of money you contribute to the plan. 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 Any growth in an RRSP will accumulate tax deferred until it is withdrawn. If you withdraw funds from an RRSP, the amount withdrawn will be added to your income in the year of the withdrawal and taxed at your marginal tax rate. Any early withdrawals are subject to income tax and withholding tax. As a result, RRSP's are usually treated as long-term investments.

Talk to us today about GICs and other investment options available to PARAMA members.

Why not 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.  Expedite your visit by completing and submitting these on-line forms beforehand.




RRSP Application Form


RRSP Loan Application Form


Initial RRSP Deposit Form


Subsequent RRSP Deposit Form