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IRA's look like government-sanctions tax shelters for retirement purposes.
As far as I understand, you don't pay taxes on any growth within the IRA, except for possibly when you "take the money out" of the IRA and want to spend it.
The government caps how much money you can put into all of your IRAs because of how sweet a deal it is: it is intended (if it is as simular to RRSPs as I think it is) to encourage you to save moderately for retirement.
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Last edited by JHVH : 10-29-4004 BC at 09:00 PM. Reason: Time for a rest.
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