What is the equivalent of 401k in Canada?

Back to learn

What is the equivalent of a 401k in Canada?

Rounding it up

  • 401(k)s and Registered Retirement Savings Plans (RRSPs). have key similarities and differences, but both help citizens save money and allow it to grow tax-free.

  • RRSPs are more portable than 401(k)s because they can be opened by a private citizen; 401(k)s are only available via employers.

  • Another key difference between the two savings vehicles is that RRSP limits can be moved to subsequent years.

  • Whether you contribute to a 401(k) or RRSP, it’s always best to start saving for your golden years as early as possible.

7 min read

Dan Bucherer
#retirement#401k#RRSP

Dan Bucherer

Dan is a runner and writer living in the Washington, D.C. area, where he currently works for a financial services trade association as the Communications Director.

Recent Articles

Bank of Canada raises interest rates

How fast does your credit score go up in Canada?

Will personal loans impact my credit score?

Can I get a personal loan with bad credit?

What kind of loans can I get in Canada?

Should I split my money between banks?

Related articles

Do credit scores matter for retirement?

7 mins

Gaby Pilson

Worried that your credit score will complicate your retirement? Here’s what you need to know about credit in retirement.

Do credit scores matter for retirement?

7 mins

Gaby Pilson

Worried that your credit score will complicate your retirement? Here’s what you need to know about credit in retirement.

#Credit score

#retirement

#savings

logo.koho

Company

AboutCareersCultureGamerLearnPartnersTravelStatus

Connect

The KOHO Mastercard® Prepaid card is issued by KOHO Financial Inc. pursuant to license by Mastercard International Incorporated. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

By using this website, you accept our Terms and Conditions. Follow these links for more information on our Privacy Policy, Accessibility Policy and Multi-Year Accessibility Plan. © 2022 KOHO Financial Inc.