Hi Mohammad, I’m confused about IRA and Canadian RRSP. Are they considered similar or is there any difference between them?
I just want to make sure I’m understanding this… an IRA is pretty much the same as an RRSP, correct?
Yes. A Canadian Registered Retirement Savings Plan (RRSP) is equivalent to a Traditional Individual Retirement Account (IRA). They offer the same financial path and tax advantages in savings for retirement.