6 RRSP contribution myths debunked
BNN Bloomberg
With the February 29 Registered Retirement Savings Plan (RRSP) contribution deadline looming, a new poll finds 61 per cent of Canadians know more about their favourite TV show than their pension plans.
The poll, commissioned by the Financial Services Regulatory Authority of Ontario (FSRA), also finds 91 of respondents agree more should be done to educate people about pensions.
You don’t need a formal poll to conclude there are plenty of myths and misunderstandings surrounding RRSPs. Here are 6 of the most basic ones that could be hindering your road to retirement.
No, they are not investments at all. RRSPs are federal government-sponsored accounts that allow taxpayers to deduct contributions from their taxable income. The bigger the contribution, the bigger the deduction.
