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Jan 4, 2023
Why Are You Saving In An RRSP?
What Is An RRSP?
A Registered Retirement Savings Plan (RRSP) is a type of registered account that millions of Canadians contribute billions of dollars to every single year. The RRSP was created in 1957, making the RRSP itself 65 years old, the average age of a retiree in Canada.
High Level:
RRSPs can be held by anyone under age 72 in Canada with employment or business income;
Contributions to an RRSP are tax-deductible at the contributor’s marginal tax rate (MTR) in...