Q:

Where can you find answers to RRSP questions?

A:

Quick Answer

The Canadian government offers information about registered retirement savings plans on the Canada Revenue Agency's website. Canadian banks such as TD Canada Trust and RBC Royal Bank of Canada answer frequently asked questions and provide instructions for opening and contributing to an RRSP on their websites.

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Full Answer

RRSPs encourage Canadians to save for retirement by offering tax benefits, explains Investopedia. After opening an RRSP account, an individual contributes funds and purchases investments. People who contribute to RRSPs receive two benefits: a tax credit against income taxes for contributions and deferred taxation of capital gains and dividends on account investments. The government limits the amount that individuals can contribute to an RRSP in a single year, notes the Canadian Revenue Agency.

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