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Retirement Planning


An RRSP is a retirement plan registered with the Canada Revenue Agency that you can make contributions to. These contributions can be used to reduce your overall tax. The growth or income earned is also exempt from tax while the funds remain in the plan. An RRSP is a powerful tool to help you save for retirement while providing you tax savings now.

Calculate how much you will need to save for your retirement using CRA’s calculator.

Spousal RRSPs

Spousal RRSPs are registered plans, owned by one spouse with contributions coming from the other spouse. For example, Joan owns the registered plan but Frank is the contributing spouse. He claims the contributions on his taxes and the contribution is part of his overall limit. When it is time to take income, the full amount is claimed under Joan’s name and is claimed on her tax form. Spousal RRSPs work the best when one spouse earns a higher income than the other and is in a different tax bracket. This is a great tool to split income in retirement and save on your overall tax bill.

Preparing for Retirement

Retirement is a major life transition that requires careful planning for success. There are eight areas to be considered in the preparation for a successful retirement. These areas, identified by the Retirement/Life Challenge Ltd. website, are; financial planning; working options; social support; lifestyle; health; time management; estate planning and housing. Please use the attached Retirement Preparation Assessment Instrument from the Retirement/Life Challenge Ltd. website to start your plan.


Insurance products and services are offered through DGM Financial Planning Ltd.