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.
Benefits Of An RESP
- By contributing to an RRSP throughout your working career, you’ll realize immediate tax benefits at a time when your income is generally highest.
- The income earned in your RRSP is not taxed until it is withdrawn.
- Special features of RRSPs allow you to do further tax planning or use your RRSP to fund specific life events.
Every individual who works, files a Canadian income tax return, and looks forward to secure retirement should consider having an RRSP.
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