Login l Contact l Help     





TOP GIC RATES

Click here
to get a list of the top GIC rates available through GP Wealth Management. Please contact your GP advisor for more information regarding any of the above investments.

  Open an account and request
GP Information Kits and
Applications. Learn more...
 


GET ON-LINE ACCESS
  To obtain access to your accounts, click here or contact us at 1-800-608-7707 ext. 242 or by email at  password@gpwealth.ca  



TOP FUNDS




Find out which funds are currently performing well. Click the links below for each category.
Canadian Focused Equity »
Canadian Fixed Income »
Global Equity »
 
RRSP FAQ

This FAQ answers some of the most common questions asked about an RRSP or retirement planning. If you have any additional questions send us an email and we would be pleased to help.

Send us an email 

How much can I contribute?

Each year, the government allows you to contribute a specified amount to an RRSP. This is known as your RRSP contribution limit. It's calculated as 18% percent of the amount of income you've earned from the previous year's employment, less the value of your previous year's Pension Adjustment. Your Pension Adjustment is a function of the contribution made to your company pension plan, either by yourself or your employer.

The 2015 RRSP contribution limit is 18% of your previous year's earned income to a maximum of $24,930, less the previous year's pension adjustment (PA) plus the current year's pension adjustment reversal (PAR).

Based on current legislation, the dollar limit will rise as follows:
Year Yearly Maximum RRSP Contribution
2014 $24,270
2015 $24,930
2016 $25,370

The easy way to find your limit is to check the Notice of Assessment that Canada Revenue Agency sent back to you after you filed your taxes last year.

What is a spousal or common-law partner RRSP?

A spousal or common-law partner RRSP lets you contribute to an RRSP in the name of your spouse or common-law partner and claim that contribution as a deduction against your own taxable income. As long as the total contributions you make to your own and your spousal RRSPs don't exceed your personal RRSP contribution limit, you may contribute as much as you like to a spousal RRSP. This contribution does not affect what your spouse can contribute to his or her own RRSP.

The benefit of the spousal plan is to build up two RRSP portfolios of equal value at retirement. This way, at retirement you'll likely pay less tax by regularly withdrawing two smaller incomes from the two plans, instead of one large income from one plan.

Spousal RRSPs are an especially important financial tool when one spouse is not working, has no pension plan or has a significantly smaller income.

Note: If your spouse makes a withdrawal from a spousal RRSP before two complete calendar years have passed since the last contribution was made, you, as the contributor, will be required to include the withdrawn amount, to the extent of the contribution, as your taxable income.

What is a Self-Directed RRSP?

A self-directed RRSP allows you to make your own investment choices, ideally with the help of your financial advisor. In a self-directed RRSP, you may invest in a variety of different types of investments as long as they are approved by Canada Revenue Agency.

What Investments Qualify For Your RRSP?

Qualified investments is the term used for investments that can be held in an RRSP or RRIF. These investments generally include:

  • Canadian dollar savings accounts, guaranteed investment certificates, term deposits
  • shares of Canadian and foreign companies listed on a prescribed stock exchange,
  • shares of some over-the-counter U.S. and Canadian companies
  • shares of some small businesses
  • certain types of bonds and money-market investments, such as treasury bills, Canada Savings Bonds, Government of Canada bonds, provincial government bonds, Crown Corporation bonds, bonds issued by Canadian corporations listed on a prescribed stock exchange, and certain strip bonds
  • certain types of mortgages, including your own
  • certain covered call options, married put option, warrants and rights
  • mutual funds

Non-qualified investments include:

  • Gold and silver bars and other precious metals
  • Real estate
  • Personal property, such as art, antiques and gems

Here is where we can help

We encourage you to get professional advice when managing your RRSP account.

Open or transfer in your RRSP account to GP Wealth Management.

Open An Account


 

Educational Information
Benefits of an RRSP Account
  • Up to 46% of your contribtion back in a tax refund
  • Tax-Sheltered Growth
  • Flexible Investment Options
  • Tax Savings
Download Documents
Learn more
 
Arrange a meeting 

Contact your financial advisor

Not a GP client yet? For information on how to open an account or transfer your existing account, click here.