RRSPs and RESPs
A registered retirement savings plan (RRSP) can be an effective way to benefit from tax-deferred compound interest and accumulate savings for your long-term retirement goals. And if you have children, a registered education savings plan (RESP) can help you contribute to their post-secondary education.
The advantages of RRSPs and RESPs include:
- Tax-deductible RRSP contributions
- Tax deferral of compounding income and growth
- Government RESP grant is available based on family net income and amount contributed
