Canada's most powerful retirement savings vehicle — contributions are tax-deductible and your investments grow tax-free until withdrawal.
Every dollar you contribute reduces your taxable income for that year. If you're in a 40% tax bracket and contribute $10,000, you save $4,000 in taxes immediately. Inside the RRSP, investments grow completely tax-free until withdrawal.
The choice depends on your current vs. expected future tax rate. If you expect to be in a lower bracket in retirement, RRSP is usually better. Often the smartest move is using both strategically.
Certain insurance products — particularly segregated funds — can be held inside an RRSP, combining tax advantages with insurance guarantees including principal protection.
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