Welcome to the board ... a lot depends on what you mean by "Pension Plan".Hi,
I am confused with Penison plan and RRSP. I don't know what is the different between them and which one is better. Althought, I still have long long time to be retired but I want to choose which for my retirement.
It is a good suggestion to check out the book and the summaries are good.Yes, that book would be the answer to the OP's question. I'm slowly making my way through it and trying to understand.
But to answer the question in this forum as was asked, the RRSP is a method by which you do all the work to set aside as much money for retirement from your personal savings as you like. This money is locked-in tax-free and any growth in the investment is also tax free until you cash out. The money only becomes taxable when you retire and/or start withdrawing from the fund.
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