Canadian Maple Leaf Licensing Info: FSCO (Ontario) #11363,
and serving all other provinces.
 

GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
88% - Very Often

Registered Retirement Savings Plan


Website:http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/rrsps-eng.html
Acronyms &
abbreviations:
RRSP
Relevant locations:Canada
Notes:Tax deferred investment contribution used to reduce income tax.
Filed Under: financial-banking, government, investments, taxation
Tags: pension, retirement, taxes
 
Broadly associated with: [Government of Canada]
Narrowly associated with: [Canada Revenue Agency]

Definition of Registered Retirement Savings Plan (RRSP)

Registered Retirement Savings Plan (RRSP)
1. A savings plan introduced by the Federal Government to encourage Canadians to save money for retirement. The investment and the interest earned on the RRSP is sheltered meaning it will not be taxed as long as the funds remain in the plan.

Related Terms and Acronyms:

  • annuity   A financial instrument that disperses a number of payments over a set period of time.
  • deferred annuity   An annuity that makes payments to the annuitant at some date in future instead of immediately.
  • Home Buyers' Plan (HBP)   A way for a homebuyer to use part of his or her RRSP as a down payment on a mortgage.
      ➥  Government assistance for first-time homebuyers.
  • investment   Something you put your money into in order to make money.
  • pension   A retirement plan where money is set aside over many years for an individual's retirement.
  • Registered Education Savings Plan (RESP)   An investment vehicle used for a child's post-secondary education.
      ➥  RESPs are offered by most financial institutions in Canada.
  • security   A tradable financial implement that represents ownership, the rights to ownership or debt.
  • tax deferred annuity (TDA)   A type of annuity where taxes are deferred until the annuitant decides to withdraw money from the annuity.
      ➥  More commonly known as a Tax Sheltered Annuity (TSA).
  • Tax-Free Savings Account (TFSA)   A savings account for Canadians where income earned is not taxed.
  • tax-sheltered   A savings or investment plan that offers significant tax savings.

More Related Terms and Acronyms


Broad and Narrow Associations

[Government of Canada]
  • Canada Mortgage Bonds (CMB) — Est. 2001, Canada, Very Important   A fully guaranteed fixed interest rate income investment backed by CMHC (a crown corporation of the Government of Canada).
      ➥  Issued by the Canada Housing Trust (CHT).
  • Canada Mortgage and Housing Corporation (CMHC)Company Est.1946, Canada-wide, Very Important   The Canada Mortgage and Housing Corporation: this is a Federally run institution that provides banks and lenders with mortgage insurance. Not to be confused with life or property insurance. In the event of default or foreclosure CMHC assumes responsibility of the property and reimburses the bank/lender the entire mortgage amount. This insurance is required generally when you have less than 25% equity or down payment. This insurance is paid by the property owner in advance but usually added to the mortgage amount. See also "G.E. Capital."
      ➥  Insures Canadian mortgage lenders.
  • Home Buyers' Plan (HBP)Canada, Very Important   A way for a homebuyer to use part of his or her RRSP as a down payment on a mortgage.
      ➥  Government assistance for first-time homebuyers.
  • Registered Education Savings Plan (RESP)Canada, Very Important   An investment vehicle used for a child's post-secondary education.
      ➥  RESPs are offered by most financial institutions in Canada.
  • Office of the Superintendent of Financial Institutions (OSFI) — Company, Canada, Important
[Canada Revenue Agency]
  • Home Buyers' Plan (HBP)Canada, Very Important   A way for a homebuyer to use part of his or her RRSP as a down payment on a mortgage.
      ➥  Government assistance for first-time homebuyers.
  • Notice of Assessment (NOA)Canada, Important   A form the federal government issues when personal taxes are complete. A notice of assessment shows a breakdown of the given years income along with the balance owing or refund.
      ➥  Canada Revenue Agency's T451 tax form.
  • Home Renovation Tax Credit (HRTC) — Canada, Important
  • registered retirement income fund (RRIF) — Canada, Important
  • Canada Revenue Agency (CRA) — Company, Canada, Important

Search the Glossary

Current Canadian Rates
For the best rate information in Canada, make use of our up to date interest rate comparison chart. Our brokers are not even remotely afraid of advertising our competitor's rates because we know how we stack up.
Best Current Rate Information
 
Best Mortgage Calculator
We pulled out all the stops and built the mortgage calculator you've all been dreaming of. Charts and graphs, side-by-side mortgage comparisons, lump sum payments, and more have all been added on top of a calculator that the Globe and Mail already considers the best on the internet. Try it now!
Best Mortgage Calc
 
Mortgage Brokers
Looking for low mortgage rates? Need fast service? Want access to a specific or somewhat unconventional product? Check, check, and check. Our mortgage brokers have it all and they'll work hard to make sure you will too.
Mortgage Broker