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Registered Retirement Savings Plans (RRSP)

A Registered Retirement Savings Plan (RRSP) is a government-approved program that allows you to save a portion of your income without paying tax.

You can realize the full potential of your long-term investments in your RRSP with sound investment advice from the team of Financial Advisors put in place by the Trustees of the PSRT to help you with your Financial Plan.

Tax-free Savings Account

A Tax-Free Savings Account (TFSA) is a registered account that allows for investments to accumulate earnings with absolutely no tax on the gains.

Funds contributed to a TFSA are paid with after-tax income, and no tax is payable upon withdrawal of money from a TFSA. For these reasons, TFSAs can be an excellent option for medium-term savings goals.

Spouse Accounts and Spousal RRSPs

If you have a spouse, you can use a spousal registered retirement savings plan as an investment account to complement your and your spouse's (or partner's) retirement.

Also, we are delighted to share that in addition to a Member's account and any spousal RSP at PSRT, a Member's spouse may also hold their RRSP accounts at PSRT.

Non-Registered Accounts

When a Member is not eligible/no longer able to contribute to an RRSP and has maximized their contribution room in the TFSA, PSRT offers Members the option to open a non-registered account.

Non-registered accountscan hold similar investment vehicles as RRSP and TFSA accounts but do not provide for any of the tax benefits of those accounts.

Financial Literacy Hub

Courses Available to Members

Are you interested in retiring sooner? Learning how to save on monthly interest? Or finding out more about the actual cost of withdrawing money from your RRSP? What about the difference between stocks and bonds? Or why you should keep your accounts with PSRT?

We are delighted to provide courses to Members that include learning more about the PSRT Difference, financial and investing literacy, and details on what to do if your tax provider believes you've over-contributed to your RRSP.

Where does the money come from that goes into the Trust?

When you are working, your Total Wage Package includes contributions to the PSRT Group RSP.

What investments can I hold in my Group RRSP?

With input from the Carrier and our Financial Advisor, the Trustees have designed a series of investment portfolios to help you make optimal investment choices for your current situation and risk tolerance.

What is the difference between an RRSP, TFSA and a non-registered account?

For a full description of each, including broad differences, visit this link.

My tax preparer says I have over-contributed to my RSP and need to withdraw funds or fill out a T1-OVP. Is this correct?

Not necessarily! Because you are part of a qualifying Group RSP and are required to contribute a set amount each year, you are not subject to penalties on over-contributions—as long as they are used in the following year. For details on how to handle this situation, ask your tax preparer to review this document.

If required it may me possible for PSRT to prepare a letter regarding the details of a Member's over-contribution details. The Member may then forward this letter to the CRA. Contact the office for more information.

Also, the Trustees have put together a course to help Members better understand the details on Group RSP contributions. Click here to access the course (use your PSRT username and password to log in).

Is it possible to have financial advice to answer any questions or help create a financial plan?

Yes, absolutely. The Trustees have engaged a team of Financial Planners to provide independent Financial Advice to the members at no cost or obligation to the member.

The paths to creating wealth, financial success, and comfort during retirement start with a financial plan. The Trustees want to help every member develop a plan, monitor it regularly (to review progress), and see it through to fulfilment.

Click here to contact our Financial Consultant.

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Power Sector Retirement Trust (PSRT)

Why PSRT?

The PSRT Difference