RRSP

A call from former co-worker of mine prompted a few senses of annoyance and a research that lasted through the week. If anything, I am more interested in the world of finance than I used to.

It’s not that I feel above the person or arrogance like that, it was the fact that he called me as a representative of Primerica that sells the idea of using RRSP to earn money through income tax returns with an overall gain of 30% a year. 30%!!! I said? Yes 30% they claimed on their company brochure.

The truth is, that is probablly the result of one of their best year. What they failed to mention is that that percentage fluctuates and they actually only want to make you join them. Each person you bring into Primerica brings money to whoever brought you in. The biggest subtext that they failed to mention is that all RRSP withdrawl are subject to a 30% income tax…

Anyway, beside all this shfield, using RRSP to alleviate some tax and earn some money has been a well exploited idea forever. I found an article that explains everything you need to know about RRSP, you can read about it here.