Are you getting the most from your RRSP savings?

The correct answer is B. A group RRSP offers more competitive fees, a range of investment options, and optional payroll deductions. Some employers offer contribution matching as well. All this adds up to more money in your pocket now to enjoy life's pleasures—and more money later in retirement.

The correct answer is E. A group RRSP is a great retirement savings tool and can be used for so much more.

• The savings in your group RRSP grow faster because you don't pay tax on them until you take the money out
• Every contribution lowers your taxable income, so you pay less income tax while you're saving
• The Home Buyers' Plan and the Lifelong Learning Plan allow you to take money out of your RRSP without paying tax, provided the full amount is repaid within the required timeframe

The correct answer is D. There is no minimum amount and contributions are voluntary. Even small regular contributions add up because they lower your tax bill and any savings inside the RRSP are tax-deferred until you take them out. The more often you contribute, the more you'll benefit in the long run. Contributing through payroll deduction to a group RRSP makes saving easier—without having to give up enjoying life today!

The above statement is correct. If you contribute to your employer’s group RRSP program, many employers will match your contribution, up to a certain amount. This is like getting a pay raise (or free money) just for joining and participating in the plan. And it makes your savings grow even faster.

The correct answer is D. There are many benefits to contributing to a group RRSP. When you contribute through payroll deduction, you get an immediate tax break which keeps more money in your pocket to spend any way you'd like. In the longer term, your savings grow faster and you'll likely have more to spend later when you take the money out during retirement.