I've seen some stuff that says there is a difference and other things says they are exactly the same. Is there any actual difference? Does the plan RSP have any tax advantages?
The first R is for Registered.
Therefore, RRSP explicitly flags it as a true, registered plan subject to all the RRSP rules and regulations.
On the other hand, RSP could theoretically be any retirement savings plan, not necessarily registered.
I know that's a weak distinction, but that's all I can think of.
I'd imagine 99.99% of the time, RSP and RRSP are the same thing.
But for the other 0.01% time, some TLA challenged dude might use the term RSP loosely.
What's the difference between a mortgage and an "unmortgage"? Nothing really
ING likes to make up their own names to be special
Please note that when we say "RSP" - we do mean "RRSP". What's the difference you ask? We eliminated one of the R's since that's the way most people say it - RSP. Just another little way we keep things simple. So don't worry, our RSP is indeed a Registered Retirement Savings Plan once it's registered with the Canada Revenue Agency (CRA). And it really does grow.
On a faintly related note - my mother likes to call RESPs "resps" (one word) rather than spell it out. I keep telling her that's not how to say it, but she doesn't listen.
If it's "registered," there are a couple of different options: RESP, RRSP, RDSP, RPP (and TFSAs are also "registered," but don't include the magic R). These are all "registered savings plans."
"Registered" implies registered for tax-deferral purposes with CRA. (This is why TFSAs don't have an "R" in their name - there's no tax deferral.)
If the R stands for "Retirement," there are many different "Retirement savings plans," from buying a condo in Florida to investing in anything from horses to uranium to purchasing GICs. This just implies saving for retirement, no matter how you do it.
These are the exact responses that I pretty much expected... most say they are the same, others say they may not be. I ask as I received my statement from Investors Group the other day that said I have a small RSP account plan that I was thinking of transferring to my Questtrade TFSA so I could play around with it myself. However if its actually an RRSP I'll probably just leave it alone... I guess I should make a phone call!
... ? getting around the capital loss in what? RRSP still? Or Non-RRSP or a non-registered account?
Last sentence in the link you gave says:
Tax Tip: If you have a loss on shares, don't transfer them to your registered account!
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