An RRSP is a savings account that helps Canadian taxpayers save for retirement while deferring taxes on contributions.
Contributions made to an RRSP are tax-deductible, which means they can reduce your taxable income and lower the amount of income tax you owe in the year of contribution.
Any investment growth within the RRSP is also tax-deferred until the funds are withdrawn.
Invest your money wisely
RRSPs can be invested in stocks, bonds, mutual funds, ETFs, and GICs.
RRSPs have annual contribution limits, based on a percentage of your income.
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