A Registered Retirement Savings Plan (RRSP) is a powerful, tax advantaged savings and investing vehicle registered with the Canadian federal government.
RRSP contributions are tax-deductible, meaning that they can be deducted on your current year tax return. Any investment income earned from investments held within the RRSP can then grow tax-deferred.
It's never too early to start investing for retirement. In fact, investing early can potentially help you reap the benefits of tax-deferred compound interest depending on the type of investment you hold.
- Tax Deductible Contributions
- Savings Grow Tax-Deferred Until Withdrawal
- You can convert your RRSP to receive regular payments when you retire
- A spousal RRSP can reduce your combined tax burden