What is a RSP?
An RSP is a retirement plan registered with the Canada Revenue Agency. The two main advantages of RSPs are that contributions can be deducted to reduce taxable income and that the contributions and earned income are not taxable while held in the plan.

How old do I have to be to open an RSP?
You must be 18 years old and have qualifying earned income.

How many years can I contribute to my RSP?
You may continue to contribute to your RSP up to and including the end of the year in which you turn 71 providing you have earned income.

How much can I contribute?
You can find your personal contribution limit on your Notice of Assessment from Canada Revenue Agency (CRA), which you receive each year after you file your income tax return.

Generally, an individual’s maximum contribution limit is calculated as the lesser of 18% of the previous year’s income up to the maximum amount for the current year MINUS your Pension Adjustment for the prior year and Past Service Pension Adjustment PLUS your Pension Adjustment Reversal.

What if I don't contribute the maximum?
If you don't make your maximum allowable contribution this year, it will be automatically carried forward for future years.

What if I contribute too much?
Canada Revenue Agency allows you to over-contribute, without penalty, to your RSP up to a lifetime maximum of $2,000, as long as there is a possibility that you will have enough earned income to allow for the contribution in future years.

Can I withdraw cash from my RSP?
You can withdraw from your RSP at any time; however there are some penalties associated with early withdrawal. When you invest money in an RSP, it is tax deductible, but when it is withdrawn, it is considered income, and is taxed. You'll have to record both the withdrawal amount and lump sum tax on your income tax return. Ideally, withdrawals should be done when in a lower tax bracket.

How can I transfer my RSPs to Implicity?
Easy! If you are already an existing Implicity member simply fill out our Direct Transfer-In form and send it to us at:

Implicity Financial
PO Box 58040 Bishop Grandin Blvd
Winnipeg, MB R2M 2R6

Are there any fees to transfer my RSP to another financial institution?
Your RSP is fee free while at Implicity. If at some point you decide to transfer your funds to another financial institution, a $50 fee will apply.

What happens to my RSP when it's time to retire?
Your RSPs must be converted to a form of retirement income by the end of the calendar year in which you turn 71, typically a RIF. With a RIF, your investments can continue to grow on a tax-deferred basis supplementing your retirement income.

What is a spousal RSP?
A spousal RSP allows one spouse, typically the higher income earner, to make RSP contributions on behalf of the other spouse. You are entitled to put all or part of any allowable RSP contribution into an RSP in the name of your spouse or common-law partner. When you both withdraw your RSP savings during retirement, the combined income tax you pay as a couple may be lower than what you would pay if all your savings were in a single RSP.

How do I designate beneficiaries on my RSP?
Please print and complete the Beneficiary Designation form, and mail it back to us at:

Implicity Financial
PO Box 58040 Bishop Grandin Blvd
Winnipeg, MB R2M 2R6


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