When you look at a chart showing savings that will be needed in order to meet a client's Retirement income objectives, and there is a significant difference between savings that would be required when coming from RRSP holdings and savings that would be required when coming from Non-Registered Investments. Why is there a difference ? Registered investments are taxed less than Non-registered investments Non-registered investments have benefited from tax deferral versus Registered Investments that have been taxed annually Registered investments are where taxes have been deferred, and will eventually be paid Non Registered Investments have been exposed to less tax versus Registered funds on an annual basis