A Registered Retired Savings Plan (RRSP) is one of the most popular retirement plans for Canadians. There are several benefits to opening an RRSP account. These contributions are tax deductible. In case you earn $100,000 a year, you can max out your RRSP contributions and allocate $18,000 a year to this account. This means investors will be taxed on an income of $82,000 and not the entire $100,000.
These savings grow tax-free as long as you don’t make any withdrawals. Investors can benefit from the power of compounding over the long term, and these investments can create substantial wealth.
The deadline […]
Full Post at www.fool.ca