I remember when I was 19 years old, and walking into my local CIBC branch to buy my first RRSP. Feels like ages ago.
I had absolutely no idea what “it” was but I had heard if I wanted to retire it was important to buy one. Being frugal with my money I did not want to buy without a full explanation, obviously, but unfortunately the branch contact did not want, or did not know, how to correctly explain RRSP’s. She only wanted to push me to buy, without actually helping me understand RRSP’s. After 30 minutes of asking questions I left CIBC without buying. I ended up going to BMO where they sat with me in front of a computer and we watched a short ‘educational movie’. I can’t say it explained everything, but I was more inclined to give them my money – although I put it into an uber-conservative MM fund.
Fast forward 15 years, and many investments on my part, and the government has decided to launch a new investment vehicle – the TFSA. I want you to understand that the TFSA is as good, and in some cases better than your RRSP, and I will try to give your a better explanation than my CIBC experience.
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