Registered Retirement Savings Plan (RRSP)
A Registered Retirement Savings Plan is a government plan that allows you to save money for your retirement years. Your contributions (see your notice of assessment from Canada Revenue Agency for your approved allowable limits) are tax deductible, and the income earned is tax sheltered. You can have a variety of plans under your RRSP contract, such as Mutual Funds, Term Deposits, or Variable Savings Accounts. You can contribute in any number of ways, whether it's a small amount off of each paycheque, or a lump-sum deposit. Allow your money and time to do the work now, so down the road, you don't have to.