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. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/registered-retirement-savings-plan-rrsp.html
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 email@example.com or call (236) 521-5708 (Vancouver, BC) and we will schedule a discovery call / meeting with you.