Investing for Beginners – RRSP Accounts
Investing for Beginners – RRSP Accounts As a Canadian of legal age, there is another tax-exempt account that you can open other than the TFSA account. As a reminder before we continue, as mentioned with the TFSA, with the current pandemic, you are actually able to open up your RRSP account online with any financial institution without ever needing to set foot in the bank. I mention this because there is no reason to not open a tax-exempt account as it is easy and can be done from the comfort of your home and is definitely a fantastic way to begin preparing for the future. Like the TFSA account, a RRSP (Registered Retirement Savings Plan) is an initiative that was started by the Canadian government to help promote saving and investing for retirement to Canadians right when they begin working. By incentivizing Canadians to save early on, the government is able to reduce the burden on their social assistance programs for retiring Canadians now and in the future as this has pushed th