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Kris Racine

7150 Hawthorne Dr. Unit 104
Windsor, ON, N8T 3N3

Phone: (519) 974-6688
Toll Free: +1 866-973-4846
Fax: (519) 974-7192

RRSP Quick Facts

  • Age Limits

    • You can contribute until December 31st of the year you turn 71.

    • Contributions to a spousal RRSP can be made until December 31st of the year the spouse turns 71, even if the contributor is over 71.

    • Children under 18 can contribute to an RRSP, but are not allowed the $2,000 over contribution limit.

    • Earned income is a requirement in all the above cases in order to receive RRSP contribution credits.

  • Carry Forwards

    • Beginning with 1991 contribution limits, you can carry forward unused deductions indefinitely.
    • The unused limit is tracked for you by revenue Canada and is shown on your Notice of Assessment each year after you file your tax return.
  • Contributions Deadline

    • Deadline for 2013 tax year is March 1st, 2015.

  • 2014 Contribution Limits

    • A maximum of $24,270, less any pension adjustment from the previous year.

  • Spousal RRSP plans

    • Make contributions to a spousal plan to achieve income splitting on the withdrawals upon retirement.

  • RRSP Loans

    • Standard: an RRSP loan is paid off over a 1-year period. Payments can start right away, or can be deferred for 3 to 6 months. Interested rates are at prime.

    • Catch-up Loans: an RRSP loan can be paid up to 10 years. Interest rates are usually at prime, or prime + 1%

  • Optional RRSP Usage

    • RRSPs can be used to buy a home or to go back to school as part of the life long learning program.

    • First time home buyer plans are also available in order to help purchase a home.

Mutual funds are offered through Manulife Securities Investment Services Inc. Insurance products and services are offered through Seguin Financial Group Ltd. Seguin Financial Group is a trade name used for both mutual fund & Insurance business activities. Banking products and services are offered through referral.