Is my SDRSP Account is same as RRSP??

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I have been reading that best is to place your investments under TFSA & RRSP account.
While checking my trading accounts on HSBC I noticed that I have SDRSP, is it the same as RRSP?

Appreciate your help for better understanding.

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Asked on January 9, 2021 5:25 am
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Hi there,

Yes, while my broker does not name them as such, an RRSP is a type of RSP and SD simply stands for self-directed - so you are making the investment yourself. The SDRSP has the same tax shelters and withdrawal rules as the RRSP - in essence it is the same.

Honestly, I am not sure why certain brokers still use that acronym - it confuses people. It is not even listed as an account type here :
https://www.canada.ca/en/services/taxes/savings-and-pension-plans.html

Mat

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Posted by Mathieu Litalien
Answered on January 9, 2021 7:42 am
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