Registered Retirement Savings Plans (RRSPs) have been a popular choice for Canadians to save money for the future. However, with the availability of other government-registered savings accounts, some Canadians are questioning their usefulness. Emile Khayat, senior regional manager of financial planning at TD Wealth, highlights the alternatives and discusses the benefits of RRSPs.
For years, Registered Retirement Savings Plans (RRSPs) have been touted as the best way for Canadians to save money for the future. But with other government-registered savings accounts now available, some Canadians are wondering if RRSPs are as useful as they once were, says Emile Khayat, senior regional manager of financial planning at TD Wealth., highlighting Tax-Free Savings Accounts (TFSAs) and the new First Home Savings Accounts (FHSAs).
“And I think this is why people are asking themselves, ‘Am I still doing the right thing?’”RRSPs remain ‘the best vehicle’ for retirement savings Introduced in 1957, RRSPs are the oldest registered account offered to Canadians. And despite the newer options, Khayat believes most Canadians would still benefit from them.RRSPs have two main benefits, Khayat explains. The amount you contribute is deductible from your taxable income, which results in immediate tax savings. And investment earnings within RRSPs aren’t taxed until they’re withdrawn, ideally in retiremen
Rrsps Registered Retirement Savings Plans Canadians Savings Future Tax-Free Savings Accounts First Home Savings Accounts Retirement Savings Tax Deductible Investment Earnings
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