Final answer:
Financial institutions that can offer RRSPs include banks, investment companies, credit unions, and trust companies. These entities enable secure savings and provide various financial services, including taking deposits and making loans, pertinent to retirement planning.
Step-by-step explanation:
Financial Institutions for RRSPs
The types of financial institutions that can offer RRSPs (Registered Retirement Savings Plans) include banks, investment companies, credit unions, and trust companies. All these institutions serve both borrowers and savers, making it possible to securely save money and plan for retirement. They take deposits, make loans, and consider individuals' credit scores when lending money. Additionally, finance companies, life insurance companies, mutual funds, pension funds, and real estate investment trusts also play roles in the broader financial services industry.
Banks are a primary option for establishing an RRSP, given their wide range of financial services and products. Investment companies may offer RRSP-eligible investment products. Credit unions, while often community-oriented, can also provide RRSP accounts with the benefit of being member-owned. Trust companies can manage RRSP assets and ensure they comply with regulations.