RRSP
RRSP - Registered Retirement Savings Plan
In an effort to encourage savings for retirement, the Government of Barbados introduced a Registered Retirement Savings Plan (RRSP) - to provide a savings plan where the contributions are tax deductible from current income.

At Signia we offer a self-directed RRSP, which provides the flexibility to invest in various instruments adding variety to your retirement investment portfolio.

Investment Options
We offer a variety of eligible investment options.

RRSP - High Interest Savings Account
RRSP - Term Deposit (1 to 3 years)

How much can you invest?
If you are under the age of 65 you can contribute up to 15% of your annual taxable income to a of $10,000 each y ear. This amount is deducted from your taxable income and saves on your income tax.

This provides an excellent opportunity to save on your taxes and also to save towards your retirement.

How often can I invest?
As often as you wish through out the year. Monthly contributions or a lump sum at any time in the year.

You can use your RRSP to buy your first home.
You can withdraw up to 10% of the purchase price of your first home, tax free, up to a maximum of $25,000.

This is a one time opportunity and some conditions apply .

Tax free withdrawals
At 55 you can withdraw the first 25% of all of your contributions tax-free, and the remaining 75% is taxable in the year of withdrawal.

The remaining 75% may be used to purchase an annuity from a registered Life Insurance Company and will subject to 25% withholding tax.