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Silverberg Group - Bringing Your Employee Benefits into Focus

February 2013 Newsletter

RRSP Season


The deadline for contributions for the 2012 tax year is March 1st, 2013.

With RRSP’s forefront in most everyone’s mind these days, we would like to take this opportunity to provide some tips:

Remember…the maximum allowable contribution for 2012 is 18% of your 2011 earned income to a maximum of $22,970. The maximum allowable contribution limit for 2013 is $23,820. Also, check to see if you have unused contribution room from other years.

A Group RRSP provides many benefits that may not be available through another savings or investment account such as:

We would like to arrange a Group RRSP plan for your organization or review any current group RRSP plan you may have. Please contact our office for more information.

RRSP Beneficiaries

In the event of death, the proceeds of your RRSP are distributed to whoever was named as your beneficiary or to your estate, if no beneficiary has been designated. This designation can be specified in either your RRSP or in your will. Quebec residents must make the designation by will or marriage contract for most plans.

The proceeds of the RRSP will remain tax-sheltered if one of these situations applies:

In all other situations, the balance of the RRSP at the date of death is included as income on the plan holder’s final tax return.

Source: RBC Royal Bank

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