The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
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Frequently Asked Questions About RRSPs
– ratesupermarket.ca
A Registered Retirement Savings Plan (RRSP) is a useful financial tool to help Canadians save for their future. Many Canadians will open an account through their bank, a credit union, trust, insurance company, or may contribute to an RRSP through their employer and their chosen financial institution. Yet, there is still a lot of confusion around RRSPs and how they work. Some may even confuse their RRSP with a TFSA. Without a proper understanding of the financial products, account holders may lose out on the benefits they offer.
To clear things up, we’ve listed answers to fundamental RRSP questions so you can get the most out of your investment.
RRSP Questions
When can you start contributing to an RRSP?
Is there more than one type of RRSP?
What is an RRSP deduction limit?
What is the RRSP contribution room for 2020?
What if you over contribute to your RRSP?
Can you transfer your RRSP?
How do you make an RRSP withdrawal?
When Can You Start Contributing to an RRSP?
Canadians can start contributing to an RRSP as soon as they generate some contribution room…
