Suggestions

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Canadian account types RESP, RPP, LIRA, etc.

RPP - https://www.wealthsimple.com/en-ca/learn/rsp-vs-rrsp#registered_pension_plans_rpp So generally RPP covers either DC or DB pensions sponsored by an employer. They interact with RRSP contribution limits, so it’s kind of tricky and important to get right. When you separate from an employer you need to convert these to one of several Locked-in Retirement accounts. This gives an overview. https://www.savvynewcanadians.com/lira-lrsp-lif-lrif-rlif-prif-meaning/ It’s kind of a lot. Another simpler primer: https://advisorsavvy.com/locked-in-retirement-accounts/ There’s probably a simplified way to model these, without expanding into each type of account, as many of them are very similar.

RESP - https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-education-savings-plans-resps/resp-works.html Canada’s version of a 529, but it doesn’t work the same way at all.

37 votes

Tagged as Suggestion

Suggested 03 September 2022 by user Shawn S

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  • 03 September 2022 Shawn S suggested this task

  • 03 September 2022 Kyle Nolan approved this task

  • avatar

    Can we also add DCPP (Defined Contributions Pension Plan) and DPSP?

    We contribute to both but have no idea how they work at retirement.

    07 July 2024
  • avatar

    +1 for RESPs. I think they’re like the 529 except the growth is taxed at the beneficiary’s rate upon withdrawal.

    12 July 2024