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The premise behind your idea is that the tax credit on RSP contributions is a 'benefit'. It is NOT. This misunderstanding causes all kinds of wrong conclusions. Your last paragraph does not capture reality. All the original tax credit PLUS ALL THE GROWTH IN VALUE OF THAT CREDIT gets taxed away at withdrawal.

Please go through the logic explained in the first 2 video of this series to understand how exactly the RRSP works (not just its mechanics).
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