Innovative Ways to Make Your RRSP Work for You

Retirement savings in Canada are easy thanks to multiple, self-directed savings plans that offer significant tax advantages. Through a simple RRSP, you can make tax deductible contributions to a savings plan. By contributing to the plan, you save money on your taxes and can enjoy a bigger return from the government. When it comes time to withdraw money from your retirement plan, the idea is that you will be earning in a lower income bracket and therefore on the hook for a lower tax bill than if you paid those taxes throughout your working life.