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RRSP BASICS Below is an overview of the main features of an RRSP. What is an RRSP? With a Registered Retirement Savings Plan (RRSP), you can defer income tax on your investments until you retire. Your investment grows tax-free until you begin making withdrawals. Since your tax rate at retirement will probably be less than your current rate, you will have a better chance of maintaining the lifestyle you are accustomed to. You may choose from a range of RRSP-eligible investments (GICs, mutual funds, stocks, etc.). WHO CAN CONTRIBUTE TO AN RRSP? Any Canadian citizen aged 71 or less with eligible income may contribute to an RRSP. WHICH INVESTMENTS ARE RRSP-ELIGIBLE? Almost all investment types are eligible for RRSPs: mutual funds, guaranteed investment certificates, stocks, bonds, stripped coupons, etc. Financial products such as put options and futures are subject to some restrictions. |
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