The RRSP or Registered Retirement Savings Plan is a special type of financial account in Canada that is used to hold savings and investment assets. It was introduced in 1957, at a time when the defined benefit pension plan was still the commonly used retirement savings vehicle, wherein your employer pays you a regular sum of money when …
The Registered Retirement Savings Plan (RRSP) in Canada is a savings scheme established for the main purpose of retirement. Every country has a retirement age. In most countries, retirement begins at 65. This figure (65 years) is arrived at based on the physiological development of humans. It is expected that you don’t have the same …
How Much Does the Average Canadian Have in RRSP? Read More »
The Canada Revenue Agency (CRA), the Canadian government agency coordinating the administration of savings and pension schemes, has announced the contribution limit for the 2021 RRSP. In addition to the RRSP, the CRA released the annual contribution limits of money purchase (MP), defined benefit (DB), registered pension plan (RPP) and the YMPE. The year 2020 …
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