Rrsps Term paper
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First Main Topic: What are RRSP's In simple terms, an RRSP is a tax-deferral plan registered with Revenue Canada. With an RRSP, you can deposit a portion of earned income and claim the contribution as a tax deduction. Not only are the contributions made to an RRSP tax deductible (subject to limitations), but the income generated by the investments inside an RRSP is not taxed untill withdrawn from the plan. This means you can get a much larger investment for your retirement than you could by investing outside an RRSP. When you make an RRSP contribution, you get a tax receipt to be filed with your tax return in order to claim your deduction. If you're still confused by what exactly an RRSP is, you are not the only one. This is one of the most difficult concepts for Canadians to get a handle on. A good way to compare an RRSP is with an umbrella. The investments you buy with your RRSP dollars, whether they are guaranteed investment certificates, mutual funds, stocks, bonds or treasury bills. They are all held under this umbrella. And as long as they remain under this RRSP umbrella, they continue to be treated in a very special way. However, if you take these investments or cash out from under the umbrella, if you deregister them, they will no longer benefit from this special tax treatment. RRSP HISTORY RRSP's were created in 1957 by the federal government to encourage Canadians to save for retirement. The motivation to participate was simple, people could defer paying tax on a portion of their current income in order to accumulate money for their retirement. The introduction of RRSP's also ended the existing inequity. Before RRSPs were created, only people who belonged to company-sponsored pension plans could deduct pension contributions from their taxable income. Now, all Canadians under the age of 71 with earned income can actively plan for retirement while deferring tax. After the introduction in 1957, RRSP deposits built slowly. Initially, the only people offering RRSPs were the government and insurance companies, followed in the middle to late 1960s by the mutual fund industry. The banks got into the swim in 1975,
and since then the competition for our retirement dollars has grown stronger each year. By 1988, approximately 3.8 million people...
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