RRSPs (Registered Retirement Savings Plans) can be a useful investment tool for retirement planning. RRSPs allow for tax free growth until the investor reaches a certain age (specified by legislation and subject to change), or until the investor cashes in the RRSPs. Investing in RRSPs can also be an excellent way of deferring taxes in the year that the RRSP contribution is made. RRSPs may be purchased up to the last day of February in order to be declared on the prior year's tax return. Many financial institutions offer RRSP loans at the prime interest rate or even for less than prime. This may allow an investor to purchase RRSPs earlier than would otherwise be possible so as to obtain tax benefits and to take advantage of the immediate growth of the RRSP.
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Franklin Templeton Investments RRSPs
RRSP Calculator This calculator, provided on the CI Investments website, is a useful resource for planning how much to invest in RRSPs.