Please, enough with the anti-RRSP hatred

This translation has been automatically generated and has not been verified for accuracy.The worst development ever for registered retirement savings plans was the 2009 launch of the tax-free savings account.

TFSAs have become the much more popular younger sibling of RRSPs. People love the idea of investing or saving money in an account where taxes don’t apply on growth or withdrawals. You get a tax-deduction for RRSP contributions and tax-sheltered growth, but withdrawals are taxed at your usual rate. Among retirees, RRSPs are getting a lot of bad word of mouth because of this taxation on withdrawals.

.” Mr. Engen speculates that anti-RRSP sentiments come in part from people who forgot about the tax deduction they received when they contributed to their RRSP in the first place. In his blog post, he offers a long list of points to help people understand RRSPs better.Here’s an example that applies to younger families: Contributing to RRSPs instead of TFSAs could help them receive more money from the Canada Child Benefit.

Mr. Engen said RRSPs are a key part of his financial plan and insists they are still an important tool for Canadians to save for retirement. “They’ve just got a bad rap over the years because of some misguided thinking around withdrawals, taxes, plus the introduction of a new and seemingly better savings vehicle.”Subscribe to Carrick on Money

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globemoney Please, enough with your propaganda.

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