Registered Retirement Savings Plan (RRSP)

Registered Retirement Savings Plan (RRSP) is a special type of accounts holding savings and investments. It is a Canadian government regulated program, with special tax benefits, to help Canadians save for retirement.

Your contribution to RRSP can be deducted from your income thus reduce your tax payable. Any income you earn in the RRSP is usually exempt from tax long as the funds remain in the plan. You generally have to pay tax when you receive payments from the plan.

The amounts you can contribute into your RRSP each year is subjected to certain limits.

Spousal or common-law partner RRSP allows the higher income earning spouse to contribute to an RRSP in their spouse's name to achieve income splitting.

RRSP is not just for retirement. The government allows you to access the fund in your RRSP to help you buy first home or pursue further education.


Additional information