A Registered Retirement Savings Plan (RRSP) helps your savings grow tax-free until you are ready to retire and offers other tax advantages.
5 Reasons to Open Registered Retirement Savings Plan (RRSP)
- Contributions are tax-deductible
- Savings grow tax-free
- You can convert your plan to get regular income when you retire
- You can borrow from your plan to pay for your first home or pay for your education
- A spousal plan can reduce the tax burden
The sooner you start saving in your plan the more income you can have at the time of retirement. That’s the magic of compounding!
