RRSP vs PRPP vs Tax Free?

[ame555]

I'm confused about this new PRPP the government is talking about -- is it going to be similar to an RRSP where you get a tax break, or similar to a Tax Free Account where you don't pay tax later on? Or just like a regular savings account?

I don't understand what the advantage is going to be if your employer doesn't have a pension plan? Or is this supposed to be extra money you put away in additional to your RRSP Max and Tax Free Max? (Neither of which I'm close to being able to afford putting the Max in at all!!)

Anyone know more?

Thanks

[ashedfc]

PRPP is still being proposed, the details/guidelines are still unclear.......
Above all PRPP will be a pooled fund, where you will loose control on the investments,
I suggest, don't rush take your time.. my understanding is, its not going to be as attractive as CPP. Pensions are already becoming the biggest liability & Govt's worldwide are finding ways to transfer the pension burden onto their citizens, this is one way.
In some countries, the retirement age is being increased; in some the pension amount itself is being decreased; etc.etc. even though the retirees are getting their pension- its not enough to cover their day-to-day living expenses.. (cost of living has increased much faster than pension increase).

For TFSA/RRSP, we are aware of the details, you control your destiny as far as these accounts are considered.

For savings account: if you don't need the money, than why keep it in savings account & get T5 slip pay tax in the year end.. isn't a TFSA better than regular savings account.

[ame555]

PRPP is still being proposed, the details/guidelines are still unclear.......
Above all PRPP will be a pooled fund, where you will loose control on the investments,
I suggest, don't rush take your time.. my understanding is, its not going to be as attractive as CPP. Pensions are already becoming the biggest liability & Govt's worldwide are finding ways to transfer the pension burden onto their citizens, this is one way.
In some countries, the retirement age is being increased; in some the pension amount itself is being decreased; etc.etc. even though the retirees are getting their pension- its not enough to cover their day-to-day living expenses.. (cost of living has increased much faster than pension increase).

For TFSA/RRSP, we are aware of the details, you control your destiny as far as these accounts are considered.

For savings account: if you don't need the money, than why keep it in savings account & get T5 slip pay tax in the year end.. isn't a TFSA better than regular savings account.

Thanks -- I guess more will come out in the next little while.