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Registered Retirement Savings Plans (RRSP)

You should always put your money where ever  it does makes the investment sense for you the most. Whether you might need a non-registered plan or a tax-sheltered account,  or a combination of both, Transamerica tries that it can meet your needs. Segregated funds contracts from Transamerica are available for registration as various plan types.RRSP is one of these as discussed below.

A Registered Retirement Savings Plan, RRSP, is a type of plan that provides you tax benefits those allow you to generally save for your retirement.

RRSPs may reduce your taxes in different ways:

1. Money can be withdrawn from an RRSP during the years when you are in a lower income tax bracket due to reduced income i.e. retirement. Although this money withdrawn will be taxed, but at your current tax rate, which could be lower though.
2. Income earned within the RRSP (interest, corporate dividends, trust distributions, capital gains) is not taxed until money is withdrawn from the plan, allowing the plan to grow faster than the same investments would grow if they were held outside the plan and were thus subject to tax.
3. Contributions to RRSPs, up to predetermined limits, may be deducted on your income before calculating income tax due.

Transamerica Registered Retirement Savings Plans RRSP

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