Registered Retirement Savings Plan (RRSP)
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?
62% of people are not financially ready for retirement. QuickPlan for tablets is an easy to use tool that allows you, within minutes, to assess your own retirement readiness and to forecast your finances for the long term.