2016-11-21 00:00:00 Retirement English Find out about savings plans for retirement in Canada. The Canada Revenue Agency offers several plans to help Canadians save for retirement. https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/10/08213831/A_business_owner_learning_about_retirement_options.jpg Take Advantage of Retirement Options

Take Advantage of Retirement Options

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When you’re self-employed, you often don’t have the luxury of a steady income, making it hard for you to put away money for your retirement. The Canada Revenue Agency offers several retirement savings plans to help you save for retirement.

The Canada Pension Plan is a mandatory retirement savings plan for all working Canadians. You contribute a percentage of your income to CPP and start collecting money from this pension plan when you reach 60.

The Registered Retirement Savings Plan is an optional retirement savings plan. When you contribute to RRSP, you not only save for retirement, but you also deduct the amount from your income and lower your income tax.

The Tax-Free Savings Account is also an optional savings plan that allows Canadians to save money. You don’t have to pay tax on the money you earn in your TFSA account, allowing you to grow your money tax-free.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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