Registered Retirement Savings Plan

Image: Registered Retirement Savings Plan

A Registered Retirement Savings Plan (RRSP) is a tax-deferred savings account designed for Canadians to save toward their retirement.

RRSPs Offer the Following Benefits:

  • Qualified investments – Common types of investments for an RRSP include stocks, bonds, mutual funds, managed investment programs, Guaranteed Investment Certificates (GICs) and cash.
  • Tax deferral – All investments within an RRSP grow tax deferred until withdrawn.
  • Contribution limit – The amount you can contribute is the lesser of 18% of your previous year's earned income OR the maximum contribution limit allowed for the year.
  • Contribution deadline – You must make your contribution within the first 60 days of the new year.
  • Tax deduction – Contributions to your RRSP are deducted from your gross income, lowering the taxable amount.

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