Registered Retirement Savings Plans (RRSP)
When you are looking for a savings account to save money for your retirement you can pick a registered retirement savings plan. Contributions to an RRSP are made with pre-tax dollars, which can help to lower your taxable income for the year in which you contribute. The money that you save in an RRSP can be invested in a variety of ways, including stocks, bonds, mutual funds and exchange-traded funds (ETFs), giving you flexibility in how you invest your money.
The primary benefit of an RRSP is that the money you save in it grows without taxes until you withdraw it in retirement. e ability to defer taxes until retirement. Additionally, the contribution limit for RRSPs is based on a percentage of your income, up to a maximum amount each year, which can allow you to save a significant amount for retirement over time.
It's important to note that RRSPs have specific contribution rules, withdrawal restrictions and tax implications. It's advisable to consult our financial advisor or tax professional to understand the full details of RRSP products and how they align with individual retirement planning needs and objectives.