What is an RRSP and how does it work?

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.

Consider using RRSP contributions to help reduce your taxable income. Making an RRSP contribution can potentially reduce the amount of tax you will be subject to pay on your income tax return. The way an RRSP works is that it helps you save for the future while deferring tax.

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