CIBC's Jamie Golombek breaks down some common misconceptions about RRSPs.

Debunking RRSP Myths

1. Debunk Myth #1: RRSPs are better than TFSA
False

2. Debunk Myth #2: You can’t make money on an RRSP
False

3. Debunk Myth #3: You don’t have to claim all RRSP contributions every year
True

4. Debunk Myth #4: You never have to pay tax on an RRSP
False

5. Debunk Myth #5: You should pay off your debts before contributing to an RRSP
False

6. Debunk Myth #6: Teens can contribute to an RRSP
True

7. Debunk Myth #7: RRSPs can only be used for retirement
False

8. Debunk Myth #8: It’s better to wait until the deadline to max out RRSP
False