RRSP (Registered Retirement Savings Plan) is a savings plan for your retirement. It is an excellent way to build your retirement funds for the future and save on taxes today.
RRSP (Registered Retirement Savings Plan) is a savings plan for your retirement. It is an excellent way to build your retirement funds for the future and save on taxes today. You can save money and defer the current year's income taxes. Your tax benefit will Your current contribution can be 18% of your last year's earned income to a maximum of $29,210 for the year 2022. If you are a member of a company pension plan (RRSP) but do not contribute, then your contribution to RRSP can be up to $29,210. If you do contribute to your pension plan then your maximum contribution would be $29,210 less your contribution to the company pension plan in that year. To determine your maximum contribution amount, please refer to the Notice of Assessment sent by Canada Revenue Agency (CRA) for your last year's income tax return. If you do not use your maximum limit, the balance can be carried to future years which will be indicated in your Notice of Assessment sent by CRA. . Your RRSP contribution each year is completely voluntary, and may vary from one year to the next. However, we recommend that you contribute a minimum of $5,000 each year regularly, based on your earned income in the year. Your RRSP/RIF funds can be invested in a Public Corporation called Ansar Financial and Development Corporation (AFDC) or other shariah compliant investment companies. This Corporation invest in the construction of community development projects such as residential townhomes, land development, and other real estate enterprises in Cananda. AFDC promotes that their number one priority is security of the invested funds including retirement funds such as RRSP/Rif funds by investing in land and real estate (real property). AFDC declared dividends over the years are available on thier website and in their F/S and filed on SEDAR. You can transfer an existing RRSP from another financial institution. To arrange a transfer, open a self-directed RRSP account with a trustee.In addition, you may need to complete a Direct Transfer-In form requesting to transfer your funds directly to the trustee. Yes, to a spousal plan. A portion or all of your allowable contribution may be allocated to a spousal RRSP, regardless of whether your spouse has earned income, as long as the combined amount you contribute to your own and the spouse's RRSP does not exceed your annual RRSP limit. The deadline for the RRSP contributions, which may be claimed as an income tax deduction for each filing season, is generally March 1st. However, we encourage you to contribute early, preferably by third week of February to avoid the last minute rush. The annual Trustee Fee for a self-directed retirment fund is generally $175 + HST (or for provinces where only GST applies).There is also a nominal $20.00 annual Al-Amin Membership Fee. The trustee will provide
you with the following services:
You can contact your trustee to provide contribution and withdrawal procedures. As a group RRSP Facilitator Al-amin assists in these procedures. 1. Always pay your Trustee Fee separate from your RRSP contribution each year.
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Below are some frequently asked questions(FAQ) and information |