Registered Retirement Savings Plan (RRSP)
An RRSP is a retirement plan that is registered with Canada Revenue Agency (CRA). You can establish an RRSP in your own name or in your spouse or common-law partner’s name. Any contributions made to the RRSP are tax deductible and can be used to reduce your tax payable.
Any income you earn in the RRSP grows tax free as long as it remains in the plan. You will have to pay tax when you make withdrawals, or receive payments from the plan at your tax rate at the time of the withdrawal, which is usually lower during retirement.
For more information on RRSP please review the following:
- Setting up an RRSP
- Contributing to an RRSP
- Self-Directed RRSPs
- Contributing to a spousal RRSP
- Unused RRSP contributions
- Situations not considered contributing to your RRSP
- Transferring an RRSP
- Making withdrawals from an RRSP
- Home Buyer’s Plan
- Lifelong Learning Plan
- Excess contributions to an RRSP