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Is an RRSP right for you?

An RRSP is a personal savings plan registered with the Canadian government.

Your RRSP can hold many types of investments. When putting together your RRSP, you should choose investments that are suited to your financial goals. A financial advisor can help you understand the features of different products so that you can make an informed choice.

RRSPs are attractive to many people because they allow you to save money (up to a certain amount) without paying income tax. As your investment grows, you do not pay income taxes on your gains until you withdraw your money.

If you are under 72 and earn income, you should talk to your financial advisor to find out if an RRSP is right for you.

The Canadian government has a webpage with information about how RRSPs work and useful information on RRSP contribution limits and deadlines.