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Why you want to stop "maxing out your RRSP"

on Thu, 11/07/2013 - 22:53

Since the federal government pushed out "RRSP" in 1957, due to the fact that we get tax deduction from contributions we make, the banks and majority of financial advisors had been telling their clients to contribute into RRSP. RRSP, as the name suggested, was to promote savings for retirement by employees and self-employed people, because the federal government knew already back then, the CPP system will not be able to support all the retirees down the road. So, they came up with "tax deduction" as an incentive, to attract people to "save for retirement".

However, as time goes along, getting