Registered Retirement Savings Plan Statement

1. What is a Registered Retirement Savings Plan Statement?

A Registered Retirement Savings Plan (RRSP) Statement is a document provided by a financial institution that details the specifics of an individual's RRSP account. It includes information such as the account balance, contributions, withdrawals, investment performance, and any applicable fees.

2. Where can I find my Registered Retirement Savings Plan Statement?

You can obtain your RRSP Statement from:

• Your financial institution or bank where the RRSP is held
• Your financial advisor or investment broker
• Online banking or investment account portals
• Monthly or quarterly mailings from your financial institution

3. Is this document known by any other name?

Yes, the RRSP Statement may also be referred to as:

• Retirement Account Statement
• RRSP Account Summary
• Investment Account Statement
• Retirement Savings Statement

4. What does the Registered Retirement Savings Plan Statement look like?

The RRSP Statement typically includes detailed financial information presented in a formal document format. While I can't provide a direct link to a sample image, you can usually find examples on the websites of major banks and financial institutions or request a copy directly from your provider.

RRSP Account Statement

5. Is the date of this document important? Does it have to be for the Date of Separation or the Date of Marriage or cohabitation?

Yes, the date of this document is important. For the purposes of separation and divorce mediation, it is crucial to have statements from both the Date of Separation and the Date of Marriage or cohabitation. These dates are used to calculate the net family property and determine the value of assets at specific points in time, which is essential for equitable division.

6. Why is the Registered Retirement Savings Plan Statement relevant to the outcome of my settlement?

The RRSP Statement is relevant to the outcome of your settlement for several reasons:

• Asset Valuation: It helps determine the value of the RRSP account as part of the marital assets.
• Financial Planning: Understanding the contributions and withdrawals can influence decisions regarding financial support and retirement planning.
• Support Calculations: Statements for the Date of Separation and the Date of Marriage are used to calculate net family property, ensuring a fair division of assets and liabilities.

7. What else should I know about this document?

• Investment Performance: Review the investment performance and any fees associated with the RRSP, as these can impact the overall value.
• Contribution Limits: Be aware of annual contribution limits and how contributions have been managed over time.
• Tax Implications: Understand the tax implications of withdrawals and how they might affect your financial situation post-separation.

8. How will the mediator use this document?

The mediator will use the RRSP Statement in preparation for your Financial Statements. Specifically, the mediator will:

• Assess Asset Value: Determine the value of the RRSP account as part of the overall financial picture.
• Support Calculations: Use the information to assist in calculating net family property and ensuring an equitable division of assets.
• Financial Planning: Incorporate the RRSP details into broader financial discussions to ensure that both parties' retirement savings and financial stability are considered.

Understanding the details and implications of your RRSP Statement is essential for an accurate and fair settlement process in separation and divorce mediation.