Please complete the Al-Amin membership form on this web site and return the filled Al-Amin form via email.

RRSP (Registered Retirement Savings Plan) is a savings plan for your retirement. It is an excellent way to build your retirement fund for the futureand save on taxes today.

A self-directed RRSP as per its definition is aretirement savings plan where you control and direct your investments to the RRSP eligible corporation of your choice. This option provides you the ability to invest your RRSP in shari’ah compliant corporations that operate on interest- free basis.You can open a self-directed RRSP with any trustee.

You can save money and defer the current year’s income taxes. Your tax benefit will depend on how much you earn, how much income tax you pay and how much you put into your plan each year. The longer your money is kept in the plan,the better the results. Generally, the minimum tax saving can be $4,000 x 22% = $880 for the contribution year only.

Your current contribution can be 18% of your lastyear’s earned income to a maximum of $30,780 for 2023 and $31,560 for 2024 and 32,490 for 2025. If you have a company pension plan and you do contribute to your pension plan then your maximum contribution would be $30,780 for 2023 ($31,560 for 2024 and $32,490 for 2025) less your contribution to the company pension plan in that year. To determine your maximum contribution amount, please refer to the Assessment Notice sent by Canada Revenue Agency (CRA) for your last year’s income tax return. Balance can be carried over to future years.

Your RRSP contribution each year is completely voluntary, and may vary from one year to the next. However, we recommend that you contribute a minimum of $5,000 each year regularly, based on your earned income in the year.

Yes, you can transfer RRSP funds between financial institutions.

Yes, to a spousal plan. A portion or all of your allowable contribution may be allocated to a spousal RRSP, regardless of whether your spouse has earned income, as long as the combined amount you contribute to your own and the spouse's RRSP does not exceed your annual RRSP limit.

The deadline for the RRSP contributions, which may be claimed as an income tax deduction for each filing year, is generally March 1st of the following year. However, we encourage you to contribute early, preferably by third week of February to avoid the last-minute rush..

The annual Trustee Fee for a self-directed retirement fund is generally $150 + HST (or GST for provinces where only GST applies). There is also a nominal $20.00 annual Al-Amin Membership Fee. The trustee will provide you with the following services:
•Online access to your account.
•Your account administration.
•Issuing tax receipts for contributions or withdrawals made in your plan.

•Safekeeping of investment share certificates or electronic shares (DRS) held in your plan

You can withdraw your RRSP funds by filling out RRSP withdrawal forms provided by your trustee.

1. Al-Amin membership form is available on our website: along with updated news.

2. Ensure to keep Al-Amin updated with your current address and contact information (such as email/phone number).

3. As per tax laws, upon RRSP redemption your withholding taxes are 10% for a withdrawal $5,000 or less; 20% for a $5,001 to $15,000, and 30% for $15,000 or more withdrawal.

4.Before you turn 71, all RRSP investments must be converted to RIF (Retirement Income Fund), also available through your Trustee.

5. Please consider your RRSP investment to be aLong-Term Investment.

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Below are some frequently asked questions(FAQ) and information