Retirement Savings Plans

RRSP Considerations

Registered Retirement Savings Plan (RRSP)

A Registered Retirement Savings Plan (RRSP) is a federal government-approved plan in which the depositor can save for retirement. Contributions are made within pre-defined limits and the income earned on RRSP deposits is tax sheltered until the funds are withdrawn.

The purchase of an RRSP investment allows the individual to claim a tax deduction for the amount of the annual contribution, thus reducing the amount of one's overall taxable income.

Concentra Financial allows depositors to make RRSP contributions in an amount and frequency that best suits their financial situation.


Locked-In Retirement Account (LIRA)/Locked-In RRSP

LIRAs/Locked-in RRSPs may be purchased with funds governed under pension jurisdictions that are held in a LIRA/LIRSP, Life Income Fund (LIF), Locked-in Retirement Fund (LRIF) or Registered Pension Plan (RPP). Income earned on LIRA/Locked-in RRSPs amounts is tax sheltered.

When a LIRA, governed under Alberta pension legislation, is transferred to a LIF, Defined Contribution Retirement Income Accounts (DC RIA) or Annuity the annuitant is eligible for a one-time 50% unlocking option.


Restricted Locked-In Retirement Savings Plan (RLSP)

An RLSP may be purchased with funds held in a Restricted Life Income Fund (RLIF).  Income earned on RLSP amounts is tax sheltered.


Self-Directed Registered Retirement Savings Plans (SD RRSP)

Self-Directed RRSP Considerations

A self-directed plan allows the annuitant to hold a variety of investments under one contract. The annuitant directs and controls the investment of funds by selecting qualified investments to best suit personal investment objectives.

An individual may wish to consider a self-directed plan if he/she:

  • Wants to diversify his/her retirement investment portfolio.
  • Is looking for a consolidated income stream from his/her retirement income plans.

Concentra acts as the trustee. Holdings can include specialized assets such as mortgages, GICs and cash.

As trustee, Concentra is responsible for:

  • Safeguarding of assets
  • Administration, investment and distribution of assets under direction of the annuitant
  • Detailed periodic reporting on transaction history, administration activities and account asset balances.

The following retirement savings plans can be self-directed:

  • Registered Retirement Savings Plan (RRSP)
  • Locked-In RRSP
  • Locked-In Retirement Account (LIRA)
  • Restricted Locked-in Retirement Savings Plan (RLSP)