According to a new Parliamentary Budget Officer (PBO) report, Canadians are financially treading in deep water with high levels of debt.
It’s tax season again. An ominous reminder that Canadians are struggling to save for retirement, despite putting money into their Registered Retirement Savings Plans (RRSPs) to take advantage of the tax break now.
Fact: 4 out of 10 Canadians are actually withdrawing money from their RRSP plans early to cover life expenses, according to a recent BMO Survey.
(Photo courtesy 401k/2012/ Flickr Creative Commons)
Investing and saving are terms used interchangeably in the financial industry but there is a clear distinction between them.