Spoiler alert: you probably do. Most Canadians aren’t big savers to begin with, so when you start throwing financial acronyms at them like RRSP, TFSA, ETF, HESG (that last one is made up), it’s no wonder they get confused. Even those with good intentions might partake of the investment vehicles these acronyms represent but lack an understanding of their potential leads to them being underutilized. The RRSP might be one of the least understood and most underutilized of all. Because contribution room is different for everyone, taxes matter, and it has more flexibility than most people think, it’s easy to get confused about how to make the most of it. What is the RRSP? RRSP stands for Registered Retirement Savings Plan and refers to a tax-advantaged account for Canadians to save for three big things: Retirement (obvs!) A down-payment on their first home (yay!) Post-secondary education (surprise!) Your individual contribution room […]
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