January 7, 2012


The following is information about RRSPs, Stressless RRSPs and how they can benefit you.

Registered Retirement Savings Plans

A RRSP is a retirement plan registered by the Canada Revenue Agency that you, your spouse or common-law partner establish and contribute to. Deductible RRSP contributions can be used to reduce taxes payable.

Any income you earn in the RRSP is usually exempt from tax for the time the funds remain in the plan. However, you generally have to pay tax when you make withdrawals, receive payments from or cash in the plan.

Contribution Room

Your RRSP deduction limit can be found on your latest Notice of Assessment or Notice of Reassessment. You can also find update information about your RRSPs by registering for My Account on the Canada Revenue Agency website.  (www.cra-arc.gc.ca)


The Stressless RRSP is a RRSP contract offered only through Thom & Associates Financial Planners Inc.

  • The Stressless RRSP takes approximately 15 minutes to complete.
  • Deposits into the Stressless RRSP can come from cash, transfers from other institutions, and from a Stressless RRSP Loan.

Other types of RRSPs – Individual or Spousal

Individual RRSPs are set up under your name and can reduce your personal income tax with deductible RRSP contributions.

You may want to set up a spousal or common-law partner RRSP. This type of plan can help ensure that retirement income is more evenly split between both of you. The benefit is greatest if the higher-income spouse or common-law partner contributes to an RRSP for a lower-income spouse or common-law partner. The contributor receives the short term benefit of the tax deduction for the contributions, while the annuitant (spouse or common-law partner), who is likely to be in a lower tax bracket during retirement, receives the income and reports it on their tax return at time of withdrawal.

Questions we can help you with?     

Call 250.861.RRSP (861-7777) Kelowna and area or toll free 1.866.525.RRSP (861-7777)