An RRSP should be one of the cornerstones of your retirement planning. The objective of the federal Government's RRSP legislation is to help Canadians live comfortably, allowing them to supplement their incomes using savings that have accumulated in a tax-sheltered plan prior to retirement. Every Candian Tax filer age 69 and younger, with qualifying earned income may establish an RRSP.
How Does an RRSP Work - The basic workings of an RRSP are easy to understand:
Since their introductions in 1957, Registered Retirement Savings Plans (RRSPs) have become the most important, long-term savings vehicle in Canada. Over 40% of the working population own an RRSP. This widespread popularity is easily understood when you consider that:
Saving in an RRSP is one of the shrewdest ways of making your money grow, and ensuring the you will have the maximum amount of capital upon retirement.
**Information is subject to change by Government Legislation.