Check out the new online RSP-RRSP financial literacy package from Vancouver’s RightFit Advisors (604-998-8876) to see which will meet your financial goals this year.
Are you tired of hearing all those financial buzzwords without understanding what they mean? Well, look no further! RightFit Advisors is offering clear resources that will introduce you to the basics of registered savings plans (RSP) and registered retirement savings plans (RRSP) in an easy - and maybe even fun! - way.
The free online resources cover a variety of topics, including everything from the age limit for contributing to RRSPs to how to avoid paying Canada's capital gains tax.
Here are a few things you can expect to learn:
✔ What are RSPs and RRSPs: Both RSPs and RRSPs are savings plans that are registered with the Canada Revenue Agency, but what's the difference between them? Depending on your goals, one might be a better fit than the other.
✔ The benefits of an RSP: If you're looking to save for retirement, an RRSP can be a useful tool. You can contribute up to 18% of your annual earned income annually if you are under the age of 71 and have not yet maxed out your contribution limit.
✔ The benefits of an RRSP: An RRSP can provide tax benefits by allowing you to deduct your contributions from your income, which can reduce the amount of taxes you owe on your profits. Additionally, any investment gains in an RRSP will not be taxed until upon withdrawal during retirement.
As you can see, the choice between an RRSP and an RSP depends on a variety of factors, such as your financial goals, current tax situation, and investment preferences.
RightFit Advisors' latest resources include a complete report on the difference between the two options, available at https://rightfitadvisors.ca/difference-between-rrsp-and-rsp/ .
Financial education doesn't have to be boring - and with RightFit Advisors' new guides, you'll learn all you need to know about RSPs and RRSPs without worrying about the confusing jargon.
The company's range of financial literacy resources continues to expand, so be sure to check them out regularly at https://rightfitadvisors.ca/