RRSP (Registered Retirement Savings Plan)
Designed to help Canadians save for retirement, the growth on investments inside an RRSP is tax-deferred, meaning you don’t immediately pay tax. Money is taxed – as ordinary income – only when you remove it from the plan. In addition, you get a deduction from the annual taxable income you earn for every dollar you contribute to your RRSP, up to certain limits.