RRSP (Registered Retirement Savings Plan)
A Registered Retirement Savings Plan (RRSP) is a tax-deferred savings account designed for Canadians to save towards their retirement.
It is established between the account holder and a registered institution with CRA, allowing the account holder or their spouse/common law partner to make tax-deductible contributions (within certain limits) today and pay tax on the funds when withdrawn from the account, typically in retirement.
RRSP contributions can be made up to December 31st of the year the contributor turns 71, or in the case of a spousal RRSP, the year the spouse/common law partner turns 71.
Any growth in the RRSP is usually exempt from tax as long as the funds remain in the plan.