Retirement Savings Plan (RSP)

It’s never too early – or too late – to start saving for retirement.

Save for your retirement with a Retirement Savings Plan (RSP)

With an RSP from Oaken, you can put money aside for your retirement in a secure investment that guarantees your principal and your interest, while taking advantage of the tax benefits that come with contributing to an RSP.

Here’s how an Oaken RSP can help you reach your retirement goals:

 

Tax savings – now and later

Security of guaranteed income

Did you know? You can use your RSP for more than just retirement!

Maximum RSP contributions
Tax laws permit you to contribute up to 18% of your eligible income from the previous year, up to the following yearly maximums:

  • $23,820 for 2013
  • $24,270 for 2014
  • $24,930 for 2015
  • $25,370 for 2016
  • $26,010 for 2017

Learn more about this at the Canada Revenue Agency website.

Buying your first home
First time homebuyers can withdraw up to $25,000 from their RSP for a purchase of a home. You get 15 years to pay back what you’ve borrowed, making it an affordable way to get your first home sooner. Learn more about this at the Canada Revenue Agency website.
Going back to school
You can also withdraw from your RSP to fund full-time training or education for you or your spouse. Learn more about this at the Canada Revenue Agency website.
Reducing your overall taxes
Contribute to a spousal RSP to reduce your overall family tax bill. If you earn a significantly higher income (or expect to in retirement), you can contribute to an RSP in your spouse’s name while claiming the contribution as a deduction on your own tax return. In the long run you’ll pay less tax and you can both withdraw income during your retirement. Learn more about this at the Canada Revenue Agency website.

Ready to get started?