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Results for tag: "Registered Retirement Savings Plan"

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The Registered Retirement Savings Plan (RRSP) is a type of pension plan in Canada that allows individuals to save for retirement on a tax-deferred basis. Contributions to an RRSP are tax-deductible and the income earned within the plan is not taxed until it is withdrawn. RRSPs are regulated by the Canadian government and are available to all Canadian residents who have earned income. RRSPs are a popular retirement savings option in Canada, as they provide a tax-advantaged way to save for retirement. Contributions to an RRSP can be used to reduce taxable income, and the income earned within the plan is not taxed until it is withdrawn. Additionally, RRSPs offer flexibility in terms of how and when funds can be withdrawn. Some of the companies in the RRSP market include TD Bank, RBC, BMO, CIBC, and Sun Life Financial. Show Less Read more