The RRSP deadline is approaching. 18% of your income up to a maximum of $23,820 can be placed into designated accounts and funds to help lower the amount of taxes you owe. What is an RRSP? Does it make sense to put money into one? What should it be invested in and what is all the hype about?
Apparently some of us may have our heads in the clouds. A recent study from ING DIRECT revealed that the majority (64 per cent) of working millennials aged 18-34 are contributing regularly to their retirement savings, but 69 per cent do not max out their annual retirement contribution savings regularly and 61 per cent reported having no idea of the costs needed for retirement