Filed under: Budgeting & Planning, Family Finances, Investing, Taxes
Registered Retirement Savings Plans, or RRSPs as everyone knows them, is the most popular tax deferral vehicle in Canada. They operate by deferring the taxes to be paid on earned income to a future year, presumably retirement. Most retirees have a lower income and will fall into a lower tax bracket.Opening a Plan
Anyone can set up a plan. All banks and most other financial institutions offer some sort of plan. In addition to walking into a branch, most institutions allow current account holders to set up an RRSP or transfer funds into one electronically.
Continue reading RRSP Primer: What You Need to Know About Registered Retirement Savings Plans
RRSP Primer: What You Need to Know About Registered Retirement Savings Plans originally appeared on Walletpop Canada on Tue, 14 Feb 2012 13:00:00 EST. Please see our terms for use of feeds.
