Category: RRSP

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Looking to convert your RRSP into Retirement Income- Planning Points

CONVERTING YOUR RRSP TO RETIREMENT INCOME  When you reach the age of 71 in a particular year, you must convert your RRSP into retirement income by the end of that year, and the retirement income payments must commence in the following calendar year. However, you, need not wait until age 71 to commence receiving a […]

16 May

Don’t know What is Life Long Learning Plan- Read This………………………

LIFELONG LEARNING PLAN (LLP) The LLP is a program that allows eligible individuals to make tax-free withdrawals from an RRSP to finance full-time education for themselves or their spouses. ELIGIBILITY RRSP annuitants are able to make tax-free withdrawals from their RRSP (other than a locked-in RRSP) to finance full-time training or education for themselves or […]

What is Home Buyer’s Plan?

HOME BUYERS’ PLAN (HBP) This plan allows a tax-payer and his/her spouse or common-law partner to each withdraw up to $25,000 from their RRSP to purchase their first home without having to pay tax on the withdrawal if they meet the following conditions: • They are first time home buyers (i.e., they have not owned […]