If you are not familiar with RSP and RRSP then you may be missing out. RRSP means Registered Retirement Savings Plans while RSP means Registered Pension Plans. The RRSP is normally used by people when they reach their retirement age. This will ensure that they will have enough plans in order to live comfortably. The RSP is usually established by companies that people work for.
This will make sure that their employees will receive a pension the moment that they reach the age of retirement. It is important for people to have enough money during their retirement years. It allows them to move freely and enjoy the fruit of their hard work.
RRSP is an abbreviation for Registered Retirement Savings Plan. It is a popular form of the retirement savings plan. The savings plan also has several tax benefits attached to it. It often includes pensions, insurance, among many others.
It can only be sold by a financial institution that has been approved by the Canada Revenue Agency. It is made through legal trust and has more security than the RSP as it is registered with the government. RSP means the Retirement Savings Plan. RSP is not registered; this means they are not entitled to government benefits as seen in RRSP.
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