Registered Retirement Savings Plans - accounts for accumulating funds for retirement.
One of the main advantages of the accounts is a tax break on any revenue, invested in your RRSP.
The investment objects include the following securities: GICs, mutual funds, shares, and savings accounts.
A client can invest in RRSP accounts for up to 18% of the revenue annually.
The maximum contribution in 2020 is 27,230 CAD.
After reaching the age of 71, you can close the RRSP account or convert it to RRIF.
If you have additional questions or want to get BMO RRSP rates, please call on 1-877-225-5266.