Q – Can you tell me when RRSPs were first introduced in Canada? I think it was in 1957 but I cannot find it written down anywhere. – I.L.
A – You are correct. RRSPs were brought in under John Diefenbaker. Legislation to change the Income Tax Act to allow for them was introduced into the House of Commons in 1957. Many people don’t realize that RRSPs actually pre-date the Canada Pension Plan by almost a decade. – G.P.