What savings plan did St. Laurent's government introduce?
RRSP
TFSA
RESP
RDSP
Answer
RRSP, or Registered Retirement Savings Plan, was introduced by the St. Laurent government in 1957. It is a savings plan designed to encourage Canadians to save for their retirement. Contributions to an RRSP are tax-deductible, meaning they reduce the amount of income tax you pay. The money in an RRSP grows tax-free until it is withdrawn, at which point it is taxed as income.
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