Why & How to contribute to your client's RRSP account
Why contribute to an RRSP?
A registered retirement saving plan (RRSP) is the foundation of retirement funding for many Canadians. RRSPs can help your clients with:
- Tax Deduction
- Tax differed capital gains & dividend income
- Help buy your first home (HBP) or fund your education (LPP)
How an RRSP works
- Your annual contributions can be deducted from your taxable income, thereby reducing your overall tax bill
- Any investment growth grows tax-free
- You can access money when you need it, but withdrawals are taxable
- Alternatively, you can withdraw tax-free to buy your first home or for you or your spouse’s education, if you qualify
- You can contribute to an individual RRSP or a spousal RRSP
How to Submit the Request
Search for client contact in the HubSpot Search bar, open client contact card and find the client’s CRM Contact Record page.
From the client's contact record, start by navigating into the Servicing (Service Request) tab, which is found in the middle panel of the contact record.
Then click on Cash and Security Management.
Step 1:
- Select Add Funds
Step 2:
- Select the contribution type
- EFT-In
- Contribute from Investment Account
- Initiate a transfer
Step 3:
Based on the Request type selected in step 2, the next steps will vary.
Initiate a transfer
Step 4:
- Enter the details of the relinquishing institution
- Attach a signed NBIN-T04 Transfer Authorization for Registered Investments form.
- Submit the request
EFT-IN
Step 4:
- Select the Bank account you would like to EFT-In from
Step 5:
- Enter the amount
- Review the Details
- Submit the request
Contribute from Investment Account
Step 4:
- Select the Account that will be contributing the funds
Step 5:
- Specify the Amount type
- Full or Partial
- Specify the source of funds
- Model or All
Step 6:
- Specify the amount
- Review the details of the request
- Submit the request.
