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A registered retirement savings plan (RRSP) (French: régime enregistré d'épargne-retraite, REER), or retirement savings plan (RSP), is a Canadian financial account intended to provide retirement income, but accessible at any time. RRSPs reduce taxes compared to normally taxed accounts.
A registered retirement income fund (RRIF, French: fonds enregistré de revenu de retraite, FERR) is a tax-deferred retirement plan under Canadian tax law. Individuals use an RRIF to generate income from the savings accumulated under their registered retirement savings plan. As with an RRSP, an RRIF account is registered with the Canada Revenue ...
The distinction between a LIRA / LRSP and a registered retirement savings plan (RRSP) is that, where RRSPs can be cashed in at any time, a LIRA / LRSP cannot. Instead, the investment held in the LIRA / LRSP is "locked-in" and cannot be removed until either retirement or a specified age outlined in the applicable pension legislation (though certain exceptions exist).
Unlike an RRSP, which must be converted to a registered retirement income fund (RRIF) when the holder turns 71, a TFSA does not expire. If an account-holder withdraws funds from a TFSA, his or her contribution room is increased by that amount on 1 January after the withdrawal. In an RRSP, the contribution room is not increased to reflect ...
Canadian residents and corporations pay income taxes based on their world-wide income. Canadians are in principle protected against double taxation receiving income from certain countries which gave agreements with Canada through the foreign tax credit, which allows taxpayers to deduct from their Canadian income tax otherwise payable from the ...
The 37th Canadian Parliament was dissolved prior to the passage of the 2004 Budget. The 2004 Canadian federal election resulted in a Liberal minority government. The enhancement of the CESG were later incorporated in the Canada Education Savings Act which was adopted on 7 December 2004 by a large majority of 273 votes for (from both Liberal ...
Issue date Album Artist(s) Ref. January 1 30 † : Adele [2]January 8 Christmas: Michael Bublé [3]January 15 30 † : Adele [4]January 22 Dawn FM: The Weeknd [5]January 29
This is a list of Canadian provinces and territories by life expectancy. Life expectancy is the average number of years of age that a group of infants born in the same year can expect to live, if maintained, from birth. The source is from the Canadian Vital Statistics Death Database. [1]