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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.
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.
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