RRSP: I'M AGAINST IT!What's not to like about saving for retirement and investing those savings in a Registered Retirement Savings Plan (RRSP)?Like most Canadians, I bet you've saved for retirement and contributed faithfully to an RRSP. You most likely lowered your taxes and received a tax rebate from your contributions, which helped lower your living expenses over the years.But as good as the RRSP seems, you have unwittingly fallen into a trap. There's a good chance you'll end up losing about 78% of your RRSP during retirement! Not only will it shrink due to mandatory withdrawals, but the taxes on that money will be considerably higher than you might expect.You've been told that your retirement income is expected to be much lower than what you made during your peak working years, and that your retirement income will be taxed at a lower marginal tax rate. But are they right? I think you'll find that no matter how much, or little, you've amassed in your RRSP or Registered Retirement Income Fund (RRIF), taxes will consume a good portion of your withdrawals, and your capital will slowly and steadily be depleted.With this book, I want to show you that you will be better off to avoid putting any of your savings into an RRSP. Forget what you've been told about the tax deduction and rebates. Those benefits will be long gone when you are dealing with increasing tax rates and a shrinking bank account during retirement.Through examples, with real figures and data, I hope to show you an alternative savings plan. It doesn't come with deductions and rebates during your working years, but you'll be paid back in spades when you need it most, as cash in hand. If you follow the teachings in this book, you'll not only pay less tax during retirement, you'll be leaving a larger estate behind for family and loved ones.Don't get me wrong, I'm all for saving for retirement, but if your plan involves losing your hard-earned money to taxes, I'm against it!

RRSP: I'M AGAINST IT!What's not to like about saving for retirement and investing those savings in a Registered Retirement Savings Plan (RRSP)?Like most Canadians, I bet you've saved for retirement and contributed faithfully to an RRSP. You most likely lowered your taxes and received a tax rebate from your contributions, which helped lower your living expenses over the years.But as good as the RRSP seems, you have unwittingly fallen into a trap. There's a good chance you'll end up losing about 78% of your RRSP during retirement! Not only will it shrink due to mandatory withdrawals, but the taxes on that money will be considerably higher than you might expect.You've been told that your retirement income is expected to be much lower than what you made during your peak working years, and that your retirement income will be taxed at a lower marginal tax rate. But are they right? I think you'll find that no matter how much, or little, you've amassed in your RRSP or Registered Retirement Income Fund (RRIF), taxes will consume a good portion of your withdrawals, and your capital will slowly and steadily be depleted.With this book, I want to show you that you will be better off to avoid putting any of your savings into an RRSP. Forget what you've been told about the tax deduction and rebates. Those benefits will be long gone when you are dealing with increasing tax rates and a shrinking bank account during retirement.Through examples, with real figures and data, I hope to show you an alternative savings plan. It doesn't come with deductions and rebates during your working years, but you'll be paid back in spades when you need it most, as cash in hand. If you follow the teachings in this book, you'll not only pay less tax during retirement, you'll be leaving a larger estate behind for family and loved ones.Don't get me wrong, I'm all for saving for retirement, but if your plan involves losing your hard-earned money to taxes, I'm against it!