RHYS MARTELL  |  financial advisor

Do RRSPs Make Sense?

One of the common arguments I hear against RRSPs is that they don’t make sense because even though you get a tax deduction now for the money you put in, you just have to pay tax on it later, when you pull the money out. So what’s the point?

Well, for some people, there is no point. But for most people, there’s a huge point. But it all comes down to tax rates.

Most people have a high tax rate while they’re working because they’re income is high. But when they’re retired, most people’s incomes are a lot lower. So they pull out money at a much lower tax rate. And therefore, they get to keep the difference.

And that’s just one of the benefits.

But the key point here is that you have to know your numbers before you’ll know if it makes sense for you.


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