A Registered Retirement Savings Plan (RRSP) is a savings plan, registered with the Canadian federal government that you can
contribute to for retirement purposes.
When you contribute money to a RRSP, your funds are “tax-advantaged”, meaning that they’re exempt from being taxed in the
year you make the contribution. Any investment income earned from investments held within the RRSP can then grow taxdeferred, as long as the money remains within the RRSP, until it’s withdrawn.
RRSP contributions are tax-deductible, meaning that they can be deducted on your current year tax return, potentially reducing
the total amount of taxes you pay.