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Registered retirement savings plan. A registered retirement savings plan (RRSP) (French: régime enregistré d'épargne-retraite, REER), or retirement savings plan (RSP), is a type of financial account in Canada for holding savings and investment assets. RRSPs have various tax advantages compared to investing outside of tax-preferred accounts.
The Canada Pension Plan (CPP) forms the backbone of Canada's national retirement income system. All those employed aged 18 or older (and their employers) must contribute a portion of their income (matched by their employers) into the CPP or, for Quebec residents, the Quebec Pension Plan (QPP). In all provinces and territories except Quebec ...
Retirement compensation arrangements (RCAs) are defined under subsection 248 (1) of the Canadian Income Tax Act, which allows 100 per cent tax -deductible corporate dollars to be deposited into an RCA, on behalf of the private business owner and/or key employee. No tax is paid by the owner/employee until benefits are received at retirement.
The Canada Pension Plan (CPP; French: Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It is one of the two major components of Canada 's public retirement income system, the other being Old Age Security (OAS). Other parts of Canada's retirement system are private pensions, either employer-sponsored ...
The Pension Benefits Act is administered by the Superintendent of Financial Services appointed by the Financial Services Commission of Ontario. Ontario regulates approximately 8,350 employment pension plans, which comprise more than 40 per cent of all registered pension plans in Canada [1] It was originally enacted as the Pension Benefits Act ...
A registered retirement income fund (RRIF, French: fonds enregistré de revenu de retraite, FERR) is a tax-deferred retirement plan under Canadian tax law. Individuals use an RRIF to generate income from the savings accumulated under their registered retirement savings plan. As with an RRSP, an RRIF account is registered with the Canada Revenue ...
The distinction between a LIRA / LRSP and a registered retirement savings plan (RRSP) is that, where RRSPs can be cashed in at any time, a LIRA / LRSP cannot. Instead, the investment held in the LIRA / LRSP is "locked-in" and cannot be removed until either retirement or a specified age outlined in the applicable pension legislation (though certain exceptions exist).
The Ontario Municipal Employees Retirement System [3] (OMERS) is a Canadian public pension fund, headquartered in Toronto, Ontario.OMERS is a defined benefit, jointly sponsored, multi-employer public pension plan created in 1962 by Ontario provincial statute to administer retirement benefits and manage pension investment funds of local government employees in the Canadian province of Ontario.