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Discussion Starter #1
I've seen some stuff that says there is a difference and other things says they are exactly the same. Is there any actual difference? Does the plan RSP have any tax advantages?
 

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I've seen some stuff that says there is a difference and other things says they are exactly the same. Is there any actual difference? Does the plan RSP have any tax advantages?
I'm going to go out on a limb and suggest that "RSP" is just a short form for "RRSP". You save one letter and it's easier to spell out. :)
 

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I've seen some stuff that says there is a difference and other things says they are exactly the same. Is there any actual difference? Does the plan RSP have any tax advantages?
The first R is for Registered.
Therefore, RRSP explicitly flags it as a true, registered plan subject to all the RRSP rules and regulations.
On the other hand, RSP could theoretically be any retirement savings plan, not necessarily registered.
I know that's a weak distinction, but that's all I can think of.
I'd imagine 99.99% of the time, RSP and RRSP are the same thing.
But for the other 0.01% time, some TLA challenged dude might use the term RSP loosely.
 

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What's the difference between a mortgage and an "unmortgage"? Nothing really

ING likes to make up their own names to be special

Please note that when we say "RSP" - we do mean "RRSP". What's the difference you ask? We eliminated one of the R's since that's the way most people say it - RSP. Just another little way we keep things simple. So don't worry, our RSP is indeed a Registered Retirement Savings Plan once it's registered with the Canada Revenue Agency (CRA). And it really does grow.
 

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What's the difference between a mortgage and an "unmortgage"? Nothing really

ING likes to make up their own names to be special
On a faintly related note - my mother likes to call RESPs "resps" (one word) rather than spell it out. I keep telling her that's not how to say it, but she doesn't listen. :)
 

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Depends on what the "R" stands for.

If it's "registered," there are a couple of different options: RESP, RRSP, RDSP, RPP (and TFSAs are also "registered," but don't include the magic R). These are all "registered savings plans."

"Registered" implies registered for tax-deferral purposes with CRA. (This is why TFSAs don't have an "R" in their name - there's no tax deferral.)

If the R stands for "Retirement," there are many different "Retirement savings plans," from buying a condo in Florida to investing in anything from horses to uranium to purchasing GICs. This just implies saving for retirement, no matter how you do it. :)
 

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Discussion Starter #8
These are the exact responses that I pretty much expected... most say they are the same, others say they may not be. I ask as I received my statement from Investors Group the other day that said I have a small RSP account plan that I was thinking of transferring to my Questtrade TFSA so I could play around with it myself. However if its actually an RRSP I'll probably just leave it alone... I guess I should make a phone call!
 

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^ + 1 ... just as any "gains" can't be taxed. Gains= +, Loss= - but in RRSP=0 (tax-wise) until cash-out that is. :wink:
 

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