The Registered Retirement Savings Plan (RRSP) is a cornerstone of retirement planning in Canada. Contributions are tax-deductible, reducing your taxable income, and all growth within the plan is tax-deferred until withdrawal—typically when your tax rate is lower in retirement. You can hold various investments inside your RRSP, including GICs, mutual funds, stocks, and more.

An RRSP is ideal for anyone looking to reduce current taxes and grow long-term savings. It can also be used for the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP), giving it added flexibility. RRSPs reward consistent contributions and early planning with powerful tax-sheltered compounding over time.