A Registered Retirement Savings Plan (RRSP) is an investment plan registered with the Canada Revenue Agency (CRA) which allows individuals to accumulate savings and earnings for retirement on a tax-sheltered basis. A common misconception is that an RRSP is a type of investment — for example, like a mutual fund. In fact, an RRSP is simply a registered saving or investing account that has certain tax-saving characteristics. Canadians can contribute to an RRSP up to a specified amount every year.
- Canada Revenue Agency: Registered Retirement Savings Plan
- MoneySense RRSP Guide
- The rising power of the TFSA: Are RRSPs even relevant anymore?
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