Tax benefits with an RRSP – Canada Life
Did you know that contributing to an RRSP can lower your annual income tax? The tax benefits of an RRSP are better than you might think.
View the video transcript:
Narrator: You may have heard that RRSPs are taxable in retirement.
Description: The question “ Are RRSPs taxable in retirement? ” appears.
Narrator: That’s true!
Description: A thumbs up moves into frame.
Narrator: But think about this.
Description: Thumb moves out of frame. An egg in a nest appears.
Narrator: When you contribute to an RRSP,
Description: Coins fall into nest.
Narrator: you may pay less tax at the end of the year,
Description: A hand types on a calculator. A paper is printed from the calculator.
Narrator: Which helps you save money today.
Description: The paper becomes a calendar.
Narrator: Now let’s fast forward to the future.
Description: The calendar flips.
Narrator: Once you retire and withdrawal savings from your RRSP, your income will likely be less than it is today.
Description: A lake scene is revealed. A dock with muskoka chair and small table with lemonade moves into frame.
Narrator: That means your tax rates will be lower on those withdrawals –
Description: Camera pans to the left, coins bounce into frame and land on a piece of paper with a percentage.
Narrator: so you won’t pay as much tax as you might think.
Description: An arrow appears from below the paper and moves out of frame. The camera follows and the arrow lands. More coins fall beside.
Narrator: Learn more at canadalife.com
Description: Frame fades to reveal “Learn more at canadalife.com” with Canada Life logo and legal line: Canada Life and design are trademarks of The Canada Life Assurance Company.
View the video transcript:
Narrator: You may have heard that RRSPs are taxable in retirement.
Description: The question “ Are RRSPs taxable in retirement? ” appears.
Narrator: That’s true!
Description: A thumbs up moves into frame.
Narrator: But think about this.
Description: Thumb moves out of frame. An egg in a nest appears.
Narrator: When you contribute to an RRSP,
Description: Coins fall into nest.
Narrator: you may pay less tax at the end of the year,
Description: A hand types on a calculator. A paper is printed from the calculator.
Narrator: Which helps you save money today.
Description: The paper becomes a calendar.
Narrator: Now let’s fast forward to the future.
Description: The calendar flips.
Narrator: Once you retire and withdrawal savings from your RRSP, your income will likely be less than it is today.
Description: A lake scene is revealed. A dock with muskoka chair and small table with lemonade moves into frame.
Narrator: That means your tax rates will be lower on those withdrawals –
Description: Camera pans to the left, coins bounce into frame and land on a piece of paper with a percentage.
Narrator: so you won’t pay as much tax as you might think.
Description: An arrow appears from below the paper and moves out of frame. The camera follows and the arrow lands. More coins fall beside.
Narrator: Learn more at canadalife.com
Description: Frame fades to reveal “Learn more at canadalife.com” with Canada Life logo and legal line: Canada Life and design are trademarks of The Canada Life Assurance Company.