A registered Retirement Savings Plan (RSP) is an investment account designed primarily for saving toward your retirement years. As a retirement savings vehicle, regulated by the Canadian government, RSPs have special tax benefits.
This publication will help you better understand the tax rules that apply to your 403(b) (tax-sheltered annuity) plan. You will understand and identify excessive contributions, basic rules for claiming the retirement savings, and more.
Does your church contribute to a retirement plan or encourage contributions to a retirement plan through matching contributions? One option you may want to consider for your non-minister church staff is a SIMPLE IRA.