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A Registered Retirement Savings Plan (RRSP) is a government-approved account designed to help Canadians save for retirement while offering valuable tax advantages. Contributions are tax-deductible, and any investment growth within the account—whether from mutual funds, stocks, bonds, or other assets—is tax-deferred until withdrawal. Taxes are typically paid when funds are withdrawn during retirement, often at a lower tax rate than during working years, making RRSPs an effective long-term savings tool.
An RRSP allows you to contribute a portion of your income each year, up to a government-set limit, and deduct those contributions from your taxable income. This reduces your income tax in the year you contribute. Investments inside the RRSP grow tax-deferred, meaning you don’t pay taxes on the earnings until you withdraw the money—typically in retirement, when your income and tax rate are likely lower.
