Many Canadians may be familiar with the various investment accounts they can use, but how many really know the difference between a registered retirement savings plan (RRSP), a tax-free savings account (TFSA) and a registered education savings plan (RESP)?
Registered retirement savings plans (RRSP) and registered pension plans (RPP) are both retirement savings plans that are registered with theCanada Revenue Agency(CRA).RRSPsare individual retirement plans, whileRPPsare plans established by companies to provide pension...
Registered Retirement Savings Plans (RRSPs)allow investors to receive a tax deduction on theiryearly RRSP contributions in Canada. Money invested in the plan growstax-deferredand this advances the benefits of compounded returns.8Contributions can be made until the age of 71 and the government sets ...
an employee is between 65 and 70 years of age and elected to restart CPP contributions by submitting Form CPT 30 with parts A, B and D completed; prior to 2012, the exception was the employee received a CPP retirement pension the employee received CPP disability pension; any income or benef...