A Canadian retirement savings plan (RSP) and a registered retirement savings plan (RRSP) both refer to the same thing. Both acronyms can be used interchangeably. Some people use RSP for an individual RRSP (similar to anIRAin the U.S.) and RRSP for group or pooled plans. However, this d...
function as a defined benefit pension plan. Each year, actuaries look at investment returns, interest rates, and longevity changes, and make changes to how corporations need to set up defined benefit pension plans. Consequently, contribution room changes inside of your RRSP each year as detailed ...
RRSP helps you save for retirement. While there are several kinds of registered savings plans, they all have the same important feature: you don’t have to pay income tax on the money you earn from your investments while they’re in the plan. ...