What is the Canadian equivalent of a 401K? Is it like a pension plan? Or like an RRSP?

Question

Just curious...

Answer 1

A 401K is an employer sponsored pension plan.  A Group RRSP is like a 401K.  A traditional IRA is like an individual RRSP.  But most commonly, employer sponsored plans DC and DB plans.  Smaller companies may have a Group RRSP in place since its less costly to maintain.