A Registered Retirement Savings Plan (RRSP) 1 is a retirement plan that is registered with the federal government and that you or your spouse or common-law partner can establish and contribute into until the end of the year when the plan holder turns 71.

Deductible RRSP contributions can be used to reduce your tax. Any income you earn in the RRSP is exempt from tax for the time the funds remain in the plan. However, you generally have to pay tax when you cash in or receive payments from the plan.

Primary investment options for an RRSP account:

  • Mutual Funds
  • Segregated
  • GICs & Term Deposits

Withdrawal Options

  • RRIF (Registered Retirement Income Fund)
  • Home Buyers Plan
  • Lifelong Learning Plan