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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.

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Suggested 03 September 2022 by user Shawn S