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Do I need an RSP?

The maximum annual pension a Canadian can currently get from the Canada Pension Plan is just over $11,000.00 (if taken at age 65, as of 2010). Canada's senior population (65+) is expected to increase dramatically in the future. You shouldn't rely on government pension plans alone for your retirement income. An RSP can help you maintain your standard of living when you retire.

In addition to this, your taxable income will be reduced each year by the amount of the eligible contribution. So, the more you contribute, the less income tax you'll pay in the year that you make the contribution.

 

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