What is rrsp?

A Registered Retirement Savings Plan (RRSP) is a tax-advantaged savings account in Canada designed to help individuals save for retirement. Contributions to an RRSP are tax-deductible, reducing taxable income for the year, and the investments within the account grow tax-deferred until withdrawal. Withdrawals are typically taxed as income, but they are often taken at a lower tax rate in retirement. RRSPs also have contribution limits based on income, encouraging disciplined saving for the future.