Understanding RRSPs: What Are They and How Do They Work?
Registered Retirement Savings Plans (RRSPs) are tax-advantaged investment accounts designed to help Canadians save for retirement. Established in 1957, these plans play a crucial role in the Canadian financial landscape by encouraging long-term savings and investment. An RRSP allows individuals to contribute a portion of their income each year, and the contributions are typically tax-deductible, effectively reducing the current taxable income. This means that Canadians can defer paying taxes on their income until they withdraw funds from the plan, usually during retirement when their tax bracket may be lower. click link for full article
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