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A school-age child is diagnosed with a terminal illness.The parents want to protect their child from knowing the seriousness of the illness.The health-care worker should explain that:
RRSP
Registered Retirement Savings Plan, a retirement savings and investing vehicle for employees and the self-employed in Canada that provides tax benefits.
Contributions
Payments or investments made into a scheme, plan, or project by individuals or entities.
Compounded Monthly
A procedure where interest calculations are done monthly, taking into account not only the initial principal sum but also the interest accrued over prior periods.
Beginning of Each Month
The first day of each month in a calendar year.
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