Yovan Financial Solutions Inc.

An RRSP is a Canadian government regulated program that encourages people to save for their retirement years. RRSP have special tax benefits that defer current income tax and potentially accelerate the accumulation of savings. They are available to the public through chartered banks, trust companies, and other selected financial institutions.

You should consider an RRSP if:

You want to supplement your retirement income so that you can maintain your lifestyle after you retire.

You anticipate fluctuations in your income because of maternity leave, a return to school, or a career change.

You want to reduce your income tax this year, or you want to earn tax sheltered investment income on your savings.

It Pays To Plan For Your Future

At Yovan Financial Solutions we're committed to offering you a wide range of RRSP products which can be tailored to your retirement financial needs. Our RRSP specialists have put together this site to help maximize your savings and assist you in choosing the right RRSP for your personal goals. Today, more than ever, you must save wisely in order to ensure a worry-free future for you and your family. Just about anyone can contribute. If you are employed, self-employed, receive net rental income, or maintenance and alimony payments and pay income tax, you can build a potentially larger retirement income and pay less tax now, by contributing regularly to a RRSP. In fact, a RRSP could make the difference between "just getting by" and having the financial resources you need for an enjoyable, fulfilling retirement.

Tax-deductible contributions and tax-sheltered income are the two main reasons it pays to invest in a RRSP instead of an unregistered plan or many other investments.

Every eligible dollar you contribute to a RRSP reduces your taxable income by one dollar. That means you can cut your tax bill dramatically. For example, if your marginal tax rate is 40% and you contribute $2,500 to your RRSP, your taxable income will be reduced by $2,500 - a tax saving of $1,000.

The income earned by your RRSP is tax sheltered for the entire life of your plan and is automatically reinvested in your plan, year after year. You don't pay taxes on income earned in an RRSP (as you must pay on interest and dividend earnings on other savings or investments) until you withdraw the funds. That's why your RRSP savings grow so much faster.