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 Taxes are typically paid when funds are withdrawn during retirement, often at a lower tax rate than during working years, making RRSPs an effective long-term savings tool.