[Verse 1] Eighteen percent or pension adjustment amount Whichever leaves you less is what will count Twenty-nine thousand two hundred maximum cap Annual room that carries forward if there's a gap Check your notice of assessment every spring Prior year earnings determine what you bring [Chorus] RRSP rules remember this way Contribute deduct withdraw and pay Money In Tax Out that's the game Retirement planning is the aim Eighteen percent or max amount Prior year earnings always count [Verse 2] Earned income from employment self-employed too Rental net income and alimony due But investment income doesn't qualify Pension income won't increase your room supply Carry forward unused space up to seven years But over-contribution brings costly tears [Chorus] RRSP rules remember this way Contribute deduct withdraw and pay Money In Tax Out that's the game Retirement planning is the aim Eighteen percent or max amount Prior year earnings always count [Verse 3] Home Buyers Plan twenty-five thousand you can take First-time purchase is the only legal break Pay it back in fifteen years or face the tax Two thousand minimum or your refund lacks Lifelong Learning Plan twenty thousand for school Education expenses follow the same rule [Bridge] Spousal RRSP shifts the tax load Lower income spouse breaks the code Attribution rules don't apply here Three year wait makes splitting clear Seventy-one conversion time RRIF or annuity by year-end prime [Chorus] RRSP rules remember this way Contribute deduct withdraw and pay Money In Tax Out that's the game Retirement planning is the aim Eighteen percent or max amount Prior year earnings always count [Outro] Plan your contributions maximize the gain Tax-deferred growth through sun and rain Retirement income splitting strategy RRSP wisdom for CPA mastery
← Specialized Capital Property Rules | Other Deductions & Income Sources →