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BANKRUPTCY ALTERNATIVE, REALLY? EMBARRASSED TO ADMIT YOU HATE YOUR RRSP?


Raiding your RRSP is the worst bankruptcy alternative and in this blog you will see why. The federal government introduced the Registered Retirement Savings Plan (RRSP) in 1957 to encourage Canadians to save for retirement. For many Canadians, RRSPs will be their only source of retirement income, in addition to Old Age Security (OAS) and Canada Pension Plan. However, according to a recent BMO survey Canadians are raiding their RRSPs to make ends meet and this is not advisable survival plan or bankruptcy alternative. What is an RRSP? A RRSP is a personal savings plan registered with the Canadian federal government allowing you to save for the future on a tax-sheltered basis. It can contain a variety of investments including RRSP savings deposits, treasury bills, guaranteed investment certificates (GICs), mutual funds, exchange-traded funds (ETFs), bonds and equities. Your contributions are tax deductible and your investments inside the RRSP grow inside tax free. However, when you take
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