Personal Finance

What is an RRSP – What You Need To Know: Slide Series Edition

by Modern Money

What is an RRSP? If you don’t know the answer to this question or want to learn more about RRSPs, then this Modern Money slide series edition is for you. This slide series edition breaks down what RRSPs are and how they can be utilized to invest and grow your retirement savings for the future.

For more information on RRSPs, click here to read the full article.

For more information on the Home Buyers’ Plan, click here to read the full article .

What is an RRSP?
What is an RRSP?
How to optimize your tax benefits through RRSPs
How RRSPs can help home buyers
How RRSPs can help home buyers
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Everything You Need to Know About Registered Retirement Income Funds (RRIFs)

Beyond being tax-deductible, RRSP contributions are also able to grow tax-free as they aren’t subject to tax on capital gains, dividends, or interest. The goal of an RRSP, as the name implies, is to provide a tax-efficient vehicle to encourage Canadians to save for retirement. However, the CRA eventually wants to be able to collect tax on all the funds that have accumulated in your RRSP, so by age 71 it must be converted to a RRIF (Registered Retirement Income Fund). Think of a RRIF as the butterfly that emerges from the cocoon that is an RRSP.

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