As a Canadian, you have a few different options when it comes to saving for retirement. The best retirement savings plan for you will depend on your individual circumstances and financial goals.
One popular retirement savings plan for Canadians is the Registered Retirement Savings Plan (RRSP). An RRSP is a tax-sheltered account that you can use to save for retirement. You can contribute to your RRSP while you are earning an income, and the money in your RRSP will grow tax-free.
Another retirement savings option for Canadians is the Tax-Free Savings Account (TFSA). A TFSA is a savings account where you can earn interest on your money tax-free. You can contribute to your TFSA once you are age 18, up to certain limits, and you can withdraw money from your TFSA at any time without paying any taxes.
No matter which retirement savings plan you choose, it's important to start saving early and to contribute as much as you can. The sooner you start saving, the more time your money has to grow.
If you have any questions about retirement savings plans for Canadians, be sure to speak to a financial advisor. They can help you choose the best retirement savings plan for your individual needs.
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