Registered Retirement Savings Plan (RRSP) is one the main cornerstones of the Canadian retirement system. RRSPs are very popular savings vehicle offering wide range of investment options.

There are some myths and misconceptions about the RRSPs, some of the most common are listed below and discussed in the video.

1. You must contribute by March 1st

2. You must invest your contributions by March 1st to get a refund

3. RRSPs are a tax exception

4. You can not withdraw from RRSPs until retirement

5. The tax refund is a windfall

6. You should contribute as much as possible

7. You can only hold bank mutual funds or GICs in your RRSP

If you have any further questions about this video or any financial planning questions, I recommend finding a certified financial planner in your area or booking a discovery call with us to get your plan on track.  You can email  or call (236) 521-5708 (Vancouver, BC) and we will schedule a discovery call / meeting with you.

Harbourfront Wealth Management was one of Wealth Professional Magazines 5 Star Brokerages for 2022. Wealth Professional is a free online information resource for all Canadian advice and planning professionals. This is not a paid award Harbourfront Wealth Management is not a sponsor.

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