Many documents and reports on our site are in PDF format and require the Adobe¨ Acrobat¨ Reader ª (version 4.0 or higher) to be viewed. If you do not have the Reader, you can download it for free from the Adobe website
RRSPs
Each year, as the deadline for Registered Retirement Savings Plans contributions draws near, Canadians are bombarded by a media blitz concerning RRSP investing. However, statistics indicate that despite this massive yearly campaign, only one in every two Canadians has an RRSP. It’s an unfortunate reality that, given the importance of proper retirement planning, some Canadians continue to ignore the need for beginning a savings plan early in life.
One reason might be the apparent complexity of RRSP rules. People often avoid issues which seem difficult to understand. These rules, once explained, are not that complex. RRSPs allow you to contribute now towards funding your retirement. Contributing to an RRSP has two main benefits: first, your contribution is tax deductible and second, your contributions grow tax sheltered inside your RRSP and as a result, they have the potential to grow at a much faster rate than funds saved outside an RRSP.