There are a number of different accounts available for saving for retirement.
Let’s break them down:
- RRSPs (Registered Retirement Savings Plans)
- TFSAs (Tax-Free Savings Accounts)
- DPSPs (Deferred Profit-Sharing Plans)
- DCPP (Defined Contribution Pension Plans)
In this video, we go over some common misconceptions and how to effectively manage your retirement savings accounts.
You will learn:
- The key features and differences between RRSPs, TFSAs, and other account types
- How these accounts can help you save taxes and grow your retirement savings
- How to easily transfer RRSPs and TFSAs without tax penalties
Here’s a key insight: investments in registered accounts grow tax-free. Outside these accounts, you’d typically pay tax on investment earnings. But within a registered account, your money can compound over time without tax—an enormous long-term benefit.
