RRSP... need info [Archive]

king2005

06-15-2006, 10:04 AM

I think its time I started saving a little money for the furture now that I'll be 24 soon...

I honeslty have no idea what an RRSP is or how to get/start one. I checked my bank, TD & they have something called RSP.. is it the samething?

I can only put 20.00/month into it, but its a start :D

Glacier

06-15-2006, 11:11 AM

Any bank can open an RRSP for you. You just need to go in and meet with a personal banker.

An RSP is a registered savings plan. Not the same as a registered retirement savings plan. An RSP won't get you the same tax breaks as an RRSP, but they are useful if you want to save for something besides your retirement.

king2005

06-15-2006, 11:51 AM

Any bank can open an RRSP for you. You just need to go in and meet with a personal banker.

An RSP is a registered savings plan. Not the same as a registered retirement savings plan. An RSP won't get you the same tax breaks as an RRSP, but they are useful if you want to save for something besides your retirement.

Thank you :D

So an RRSP it is :)