What is the Registered Retirement Savings Plan (RRSP)?

The Registered Retirement Savings Plan (RRSP) is a type of savings plan in Canada that allows individuals to set money aside for their retirement. Contributions to an RRSP are tax-deductible and the investment income earned within the plan is tax-sheltered. Contributions to an RRSP can be claimed as a deduction on your personal income tax return, which can lower your overall taxes owed.