A Registered Retirement Savings Plan (RRSP) is a personal savings plan registered with the Canadian federal government allowing you to save for the future on a tax-sheltered basis.
An RRSP is an investment portfolio - your designated retirement savings. It can contain a variety of investments including: RRSP savings deposits, treasury bills, guaranteed investment certificates (GICs), mutual funds, bonds, and even equities.
What makes an RRSP special is that your contributions to it are tax deductible and your portfolio grows tax sheltered. Individuals with RSP contribution room in Canada may contribute to an RSP up to the end of the year in which the plan holder reaches age 71.
