What Should You Know About RRSP?
If you’ve been living a long time in Maple Leaf country, you should have a fair idea of RRSP or Registered Retirement Savings Plan . However, if you don’t know, you have come to the right place to understand what this policy is, who it is for and what you have been losing out on. Since its inception in 1957, the RRSP policy has been a savings vehicle for all Canadians who want to live out their golden years financially independent. You can think of it as a savings fund that can be used for pension, but it’s much, much more, with one of the advantages being the deductible RRSP contributions that you make towards the plan can be used to reduce your taxes. The income or growth in funds earned in the program is usually exempt from tax while the funds remain in it. Read on to learn more about what RRSP is and how you can benefit from it. Explaining RRSP As mentioned in its extended form, it’s a type of registered account created by the government way back in the 50s to encourage people...