Finance 101. How do RRSPs work?
Getting started with RRSPs and saving for retirement? It’s time. You’re working and earning a good income. So, start investing and hit your magic number for retirement. Save part of your gross income in an RRSP account and those contributions will reduce your taxable income dollar-for-dollar.
But how do RRSPs work? It doesn’t have to be a big mystery!
Here’s a quick rundown on everything you really need to know – and maybe even a little extra (so you get a little extra money when you retire).
RRSP calculator and investing tools
We built some tools to help you optimize your RRSP investments. Enjoy!
- Calculate how contributing to an RRSP can lower your taxable income.
- Create a long-term savings plan and see how much you could contribute to your RRSP for a happy retirement.
- See how much you might contribute from your RRSP to a Home Buyers Plan.
- Compare results over time from investing in an RRSP vs TFSA.