How did RSP and Smart save help me

Yes, RSP and SmartSave can help you achieve a better investment outcome in several ways:

Tax savings: RSP contributions are tax-deductible, which means you can lower your taxable income for the year by contributing to your RSP. This can save you a significant amount of money on your taxes, especially if you are in a high tax bracket.

Tax-deferred growth: Your money grows tax-deferred in an RSP, which means you don't have to pay taxes on your investment earnings until you withdraw the money in retirement. This can give your money more time to grow and compound.

Dollar-cost averaging: SmartSave allows you to invest a fixed amount of money on a regular basis, such as monthly or biweekly. This is a great way to dollar-cost average your investments, which can help to reduce your risk over time.

For example, let's say you are in a 30% tax bracket and you contribute $5,000 to your RSP in a year. This will lower your taxable income by $5,000 and save you $1,500 on your taxes. If your money grows at an average annual rate of 7% over 30 years, you will have accumulated over $50,000 in your RSP. At that point, you can withdraw the money in retirement and pay taxes on it at your then-current tax rate.

Without the tax savings and tax-deferred growth of an RSP, you would need to invest more money over time to achieve the same retirement savings goal.

Overall, RSP and SmartSave can be a powerful combination for achieving your financial goals. By contributing to your RSP on a regular basis and investing your money wisely, you can build a comfortable retirement nest egg.