What is an RSP?
A Retirement Savings Plan (RSP) is a tax-sheltered investment
vehicle that provides you with an effective means of saving for
retirement. Contributions to an RSP result in a tax deduction, and
the income earned in the plan compounds on a tax-deferred basis.
Individuals with RSP contribution room in Canada may contribute
to an RSP up to the end of the year in which the planholder reaches
age 71.
RSP-eligible investment options include fixed-income securities, equities, mutual funds, private company shares and more. Plus, with the elimination of foreign content limits for registered savings plans in 2005, you are now free to invest anywhere in the world.
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